Tel Aviv Stock Exchange Ltd. — Investor Presentation 2024

Mar 6, 2024

Tel-Aviv Stock Exchange (TASE) Investors Presentation

Year 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 / 2023 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 options on individual equities

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

TASE at a Glance / 2023 by the Numbers

Continued

			Financial Metrics
(NIS Millions)	(NIS Millions)	(NIS Millions)	)NIS(	(NIS Millions)	(NIS Millions)
389.9	157.6	89.3	0.859	155.3	272.7
Revenue	Adj. EBITDA)1(	Adj. net profit )1(	Basic EPS	Acquisition of	Dividend(2)
				Treasury shares
8% Y-o-Y Growth	17% Y-o-Y Growth	74% Y-o-Y Growth	72% Y-o-Y Growth	396% Y-o-Y Growth

(1) Exclude expenses in respect to share-payments

(2) Includes one time dividend paid in an amount of NIS 231.1 million

Issuance Volume

(1) Includes TASE-UP (2) Excludes Private Placements. Includes TASE-UP (3) Includes Issuance via swap transactions

The results for 2023

NIS, in thousands

		Year Ended
IFRS (GAAP)	December 31, 2023	December 31, 2022	Difference -%
Revenue from services	389,855	361,011	8%
Expenses	291,516	277,813	5%
Profit before financing income, net	98,339	83,198	18%
Financing income (expenses)	11,307	)13,225(	-
Taxes on income	26,440	19,137	38%
Profit for the quarter	83,206	50,836	64%
Basic EPS (in NIS)	0.859	0.500	72%
Diluted EPS (in NIS)	0.840	0.492	71%
Non GAAP
Adjusted EBITDA(1)	157,582	135,195	17%
% EBITDA Adjusted margin	40.4%	37.4%
Adjusted net profit(1)	89,346	51,366	74%
% Adjusted net profit margin	22.9%	14.2%

Revenue 2023

NIS, in thousands

40% transactional

60% non-transactional

9% of the increase in revenue from trading and clearing commissions results from the increase in revenue from T-bills, government bonds and mutual funds, primarily due to the higher trading volumes and the increase in the volumes of creations and redemptions of mutual fund units. At the same time, the reduced share trading volumes deducted 2% of the aforesaid increase. In addition, 2% of the increase in revenue from trading and clearing commissions is due to the increase in the number of trading days.

5% of the decrease in revenue from listing fees and levies is due to a one-time income of NIS 4.3 million recorded in the first quarter last year as a result of the update 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). 1% of the decrease is due to the reduction in revenue from the examination of prospectuses. In opposition, an increase in revenue from annual fees, mainly due to the linkage of the fee rates to the CPI, deducted 2% of the aforesaid decrease..

5% of the increase in revenue from Clearing House services is due to an increase in revenue from Clearing House services to companies, half of which is due to the linkage of the clearing rates to the CPI and to the updating of corporate actions' clearing rates during the year. An additional 5% increase is due to an increase in revenue from Clearing House services to members, primarily as a result of the expansion of the services in relation to information on OTC transactions and the linkage of the clearing rates to the CPI.

12% of the increase in revenue from data distribution and connectivity services is due to revenues from index use authorizations, primarily as a result of the updating of rates, and 8% of the increase is due to revenue from data distribution to business and private customers, of which 5% relates to data distribution to business customers overseas. Another 2% increase is due to revenue from connectivity services.

The decrease in revenue is due mainly to the reduction in revenue from the sale of technological consulting services provided in the corresponding period last year in an amount of NIS 1.3 million.

Data distribution and connectivity services

Other revenue

2023 Revenue Composition

Adjusted Expenses(*) 2023

NIS, in thousands

			Year Ended
	December 31, 2023	% of the Company's total expenses	December 31, 2022	% of the Company's total expenses	Difference -%
Compensation	153,643	54%	147,905	53%	3%
Computer and Communications	38,559	14%	29,953	11%	29%
Property Taxes and Building Maintenance	13,732	5%	13,798	5%	-
Marketing	5,693	2%	13,171	5%	)57%(
Fee to the Israel Securities Authority	8,098	3%	9,341	4%	)13%(
General and Administrative	9,389	3%	9,100	3%	3%
Other operating expenses	2,470	1%	2,548	1%	)3%(
Depreciation & amortization	52,412	18%	51,335	19%	2%
Other	1,380	0%	132	0%	945%
Total Expenses**	285,376	100%	277,283	100%	3%

(**) The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 291.5 millions in 2023 and to NIS 277.8 millions in 2022.

• 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 Q4'23

NIS, in thousands

		Quarter Ended
IFRS (GAAP)	December 31, 2023	December 31, 2022	Difference -%
Revenue from services	101,448	86,325	18%
Expenses	76,886	67,468	14%
Profit before financing income, net	24,562	18,857	30%
Financing income (expenses)	3,175	)474(	-
Taxes on income	7,014	5,178	35%
Profit for the quarter	20,723	13,205	57%
Basic EPS (in NIS)	0.224	0.131	71%
Diluted EPS (in NIS)	0.219	0.129	70%
Non GAAP
Adjusted EBITDA(1)	40,061	32,076	25%
% EBITDA Adjusted margin	39.5%	37.2%
Adjusted net profit(1)	22,724	13,339	70%
% Adjusted net profit margin	22.4%	15.5%

Revenue Q4'23

NIS, in thousands

Quarter Ended Difference -% % of the Company's total revenues December 31, 2022 % of the Company's total revenues December 31, 2023 41,190 41% 33,761 39% 22% Trading and clearing commissions 20,186 20% 19,517 23% 3% Listing fees and levies 20,966 20% 17,871 20% 17% Clearing House services 18,574 18% 14,278 17% 30% Data distribution and Connectivity services Other revenue 532 1% 898 1% )41%( Total revenue 101,448 100% 86,325 100% 18%

14% of the increase in revenue from trading and clearing commissions is due to the increase in the number of trading days this quarter (66 trading days) compared to the corresponding quarter last year (58 trading days), and 8% of the increase in revenue from trading and clearing commissions derives from the effect of the higher trading volumes of government bonds and to the effect of the increase in creations and redemptions of mutual fund units.

The increase in revenue from listing fees and levies is due to an increase in revenue from listing fees, accounting for 2% of total revenue, and to an increase in revenue from annual fees, accounting for 1% of total revenue.

The increase in revenue from Clearing House services is due to an increase in revenue from Clearing House services to companies, which increased revenue by 9%. An additional 6% increase is due to an increase in revenue from Clearing House services to members, of which 2% results from the expansion of the services in relation to information on OTC transactions. In addition, an increase of 1% 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.

14% of the increase in revenue from data distribution and connectivity services is due to the updating of the index-usage pricelist, and 11% is due to revenue from data distribution as a result of the increase in the number of business and private customers. Another 3% increase is due to revenue from connectivity services.

The decrease in other revenue is due mainly to the suspension of activity at the Conference Center as a result of the Swords of Iron War.

41% transactional

Q4'23 Revenue Composition

Adjusted Expenses(*) Q4'23

NIS, in thousands

			Quarter Ended
	December 31, 2023	% of the Company's total expenses	December 31, 2022	% of the Company's total expenses	Difference -%
Compensation	40,334	54%	35,131	52%	15%
Computer and Communications	10,449	14%	8,430	13%	24%
Property Taxes and Building Maintenance	3,435	4%	3,486	5%	)1%(
Marketing	1,582	2%	1,545	2%	2%
Fee to the Israel Securities Authority	1,999	3%	2,335	3%	)14%(
General and Administrative	2,621	3%	2,424	4%	8%
Other operating expenses	577	1%	916	1%	)37%(
Depreciation & amortization	13,458	18%	13,061	19%	3%
Other	430	1%	6	0%	7067%
Total Expenses **	74,885	100%	67,334	100%	11%

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

Balance Sheet and Liquidity Position

as of December 31st 2023 | NIS Thousands

Assets:
Current assets
Cash and cash equivalents	408,484
Financial assets at fair value through profit or loss	90,182
Trade receivables	18,671
Other receivables	9,377
Total(1)	526,714
Assets derived from clearing operations in respect of open derivative positions	1,695,082
Total current assets	2,221,796
	Non-current assets
Deferred tax assets	4,033
Property and equipment, net	307,144
Intangible assets, net	153,316
Other long-term receivables	5,358
Total non-current assets	469,851
Total assets	2,691,647
	Liabilities and Equity:
	Current liabilities
Current maturities of a loan from a bank	49,946
Current maturities of lease liabilities	4,740
Trade payables	13,063
Other payables	5,204
Dividend declared	231,110
Deferred income in respect of listing fees and levies	28,734
Current tax liabilities	11,196
Short-term liabilities for employee benefits	55,397
Total )1(	399,390
Liabilities derived from clearing operations in respect of open derivative positions	1,695,082
Total current liabilities	2,094,472
	Non-current liabilities:

Adjusted Equity Ratio **	51%
Total liabilities and equity	2,691,647
Total equity	401,720
Total non-current liabilities	195,455
Other liabilities	-
Non-current liabilities for employee benefits	9,500
Deferred income in respect of listing fees and levies	77,058
Lease liabilities	9,009

Capital requirements in respect of the risk components:
Credit risk	9,220
Market risk	2,766
Legal and operational risk (1)	53,534
Business continuity and reorganization (2)	70,326
Contribution against default waterfall	28,649
Total capital requirements in respect of the risk components	164,495
	Capital base components:
Total equity	401,720
Adjustments:
Deferred income in respect of listing fees less deferred tax	80,846
Total qualifying capital base	482,566
Capital surplus (qualifying capital base, less requirements)	318,071
Liquidity requirements in respect to the risk components
Business continuity and reorganization	70,326
Projected cash flow, net	238,130
Contribution against default waterfall	28,649
Total requirements for liquid assets	337,105
Cash and cash equivalents	408,484
Securities portfolio at fair value	90,182

Less – amortization coefficients on the assets )4,558( Less – current liabilities )11,542) Net liquid assets 482,566 Liquidity surplus (net liquid assets, less requirements) 145,461

Excess Capital(*) 48% Reduction compared to

31.12.22

145 NIS in Millions Excess Liquidity(*)

43% Reduction compared to 31.12.22

(*) 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. (**) The adjusted equity is with the addition of the total deferred income from listing fees and excludes open derivative positions

Cash Flow NIS in Millions

	Item	Q1'23	Q2'23	Q3'23	Q4'23	2023	Q1'22	Q2'22	Q3'22	Q4'22	2022
Operating Activities	Adjusted EBITDA(1)	43,534	35,575	38,412	40,061	157,582	36,849	35,755	30,514	32,076	135,194
	Changes in working capital	8,803	)2,151(	)5,401(	9,904	11,155	13,095	)11,943(	)6,603(	)1,543(	)6,994(
	Financing and tax	)3,999(	)2,462(	)1,585(	)418(	)8,464(	)2,572(	)3,505(	)1,699(	)842(	)8,618(
	Total	48,338	30,962	31,426	49,547	160,273	47,372	20,307	22,212	29,691	119,582
Investing Activities	Investments in property and equipment and in intangible assets and capitalized payroll costs	)11,449(	)10,776(	)11,751(	)16,589(	)50,565(	)15,553(	)13,875(	)10,436(	)8,394(	)48,258(
	Disposal (acquisition) of financial assets at fair value	)1,400(	)1,223(	110,098	114	107,589		34 3,129	374	)8,169(	)4,632(
	Total	)12,849(	)11,999(	98,347	)16,475(	57,024	)15,519(	)10,746(	)10,062(	)16,563(	)52,890(
	Lease payments	)2,125(	)2,273(	)2,225(	)2,225(	)8,848(	)2,248(	)2,216(	)2,201(	)2,150(	)8,815(
Financing Activities	Payments for the acquisition of treasury shares	)24,378(	)108,030(	)21,340(	)1,507(	)155,255(		- )9,925(	)20,454(	)939(	)31,318(
	Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net	1,849	6,771	4,133	-	12,753	3,793	4,427	-	-	8,220
	Short-term credit and loan	889	)889(	527	149,473	150,000		- 1,155	)649(	)506(	-
	Dividend payment	-	-	-	-	-		- )22,735(	-	-	)22,735(
	Total	)23,765(	)104,421(	)18,905(	145,741	)1,350(	1,545	)29,294(	)23,304(	)3,595(	)54,648(
	Total increase (decrease) in cash and cash equivalents	11,724	)85,458(	110,868	178,813	215,947	33,398	)19,733(	)11,154(	9,533	12,044
	Opening balance	192,416	204,271	118,958	230,339	192,416	179,768	213,259	193,868	182,884	179,768
	Effect of changes in exchange rates on cash balances held in foreign currency	131	145	513	)667(	122		93 342	170	)1(	604
	Closing balance	204,271	118,958	230,339	408,485	408,485	213,259	193,868	182,884	192,416	192,416
	Free Cash Flow(2)	34,764	17,913	17,450	30,733	100,860	29,571	4,216	9,575	19,147	62,509

15 (1) Exclude expenses in respect to share-payments (2) FCF includes the net cash from operating activities, less Investments in property and equipment and in intangible assets and Lease payments

APPENDIX

16

Revenue Trends

.

NIS in Millions

Adjusted Operating Expenses(1) Trends

NIS in Millions

Profitability Trends

-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%

NIS in Millions

26%

Adjusted Net Profit & Margin (1)

120.0

23%

Revenue Drill Down | Transactional - Shares

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)

22

Revenue Drill Down | Transactional – Derivatives

Daily Contracts (thousands)

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

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

	Quarter Ended									Year ended
	31.12.23	30.09.23	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.23	31.12.22	31.12.21	31.12.20
Number of trading days	66	61	58	64	58	61	61	64	249	244	244	248
SHARES
Market cap of Shares (ex. ETFs)	952	964	927	893	949	1,007	1,008	1,135	952	949	1,125	842
Market cap of ETFs on share indices	102	92	82	71	71	71	70	76	102	71	75	61
Total market cap (in NIS billions)	1,055	1,056	1,009	964	1,020	1,078	1,078	1,211	1,055	1,020	1,200	903
Shares ADV (ex. ETFs)	1,515	1,453	1,696	1,733	1,635	1,804	1,942	2,093	1,598	1,874	1,543	1,465
ETFs on share indices ADV	411	413	369	403	355	368	448	504	400	421	335	393
Total average daily volume (in NIS millions)	1,926	1,866	2,065	2,136	1,990	2,172	2,391	2,597	1,998	2,295	1,878	1,858
Average commissions	0.01147%	0.01164%	0.01129%	0.01085%	0.01083%	0.01055%	0.01004%	0.01043%	0.01129%	0.01044%	0.01081%	0.01067%
Revenue (in NIS thousands)	14,579	13,244	13,526	14,827	12,496	13,991	14,642	17,340	56,176	58,469	49,538	49,150
BONDS
Market cap of corporate bonds	447	427	425	411	409	419	415	422	447	409	426	388
Market cap of ETFs on bond indices	29	29	28	27	27	28	28	30	29	27	32	31
Total market cap (in NIS billions)	476	456	453	438	436	447	443	452	476	436	458	419
Corporate bonds ADV	861	939	834	969	903	799	1,144	820	902	916	781	928
ETFs on bond indices ADV	95	139	98	125	109	112	144	152	114	130	125	148
Total average daily volume (in NIS millions)	956	1,078	932	1,094	1,012	911	1,288	972	1,016	1,046	906	1,076
Corporate bonds - average commissions	0.00713%	0.00702%	0.00705%	0.00701%	0.00707%	0.00735%	0.00699%	0.00693%	0.00705%	0.00707%	0.00709%	0.00696%
Revenue from corporate bonds (in NIS thousands)	4,499	4,614	3,811	4,909	4,150	4,086	5,491	4,309	17,833	18,036	15,674	18,573
Market cap of government bonds -unlinked	308	284	292	278	287	299	322	331	308	287	364	351
Market cap of government bonds –linked and others	304	297	309	306	300	299	321	334	304	300	341	280
Total market cap (in NIS billions)	612	581	601	584	587	598	643	665	612	587	705	631
Government bonds - unlinked	2,406	1,615	1,651	1,885	1,569	1,304	1,324	1,702	1,902	1,476	1,868	1,959
Government bonds – linked and others	1,121	811	979	1,109	825	969	984	1,030	1,009	955	1,155	1,100
Total average daily volume (in NIS millions)	3,527	2,426	2,630	2,994	2,394	2,273	2,308	2,732	2,911	2,431	3,023	3,059
Government bonds unlinked - average commissions	0.00212%	0.00199%	0.00198%	0.00195%	0.00198%	0.00199%	0.00195%	0.00188%	0.00202%	0.00195%	0.00193%	0.00188%
Government bonds linked - average commissions	0.00315%	0.00306%	0.00298%	0.00294%	0.00297%	0.00290%	0.00292%	0.00283%	0.00303%	0.00290%	0.00285%	0.00294%
Government bonds - unlinked (in NIS thousands)	3,372	1,960	1,897	2,350	1,804	1,582	1,571	2,053	9,579	7,010	8,817	9,116
Government bonds - linked (in NIS thousands)	2,327	1,513	1,690	2,085	1,421	1,716	1,754	1,869	7,615	6,760	8,022	8,022
Revenue from Government bonds (in NIS thousands)	5,699	3,473	3,587	4,435	3,225	3,298	3,325	3,922	17,194	13,770	16,839	17,138

Transactional Metrics | Continued

				Year ended
	31.12.23	30.09.23	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.23	31.12.22	31.12.21	31.12.20
Number of trading days	66	61	58	64	58	61	61	64	249	244	244	248
TREASURY BILLS
Market cap (in NIS billions)	305	316	282	272	209	144	134	126	305	209	115	87
Treasury bills ADV (in NIS millions)	1,568	1,323	1,302	1,377	1,194	702	803	470	1,397	783	320	579
Average commissions	0.00302%	0.00327%	0.00407%	0.00492%	0.00463%	0.00284%	0.00236%	0.00265%	0.00379%	0.00334%	0.00269%	0.00203%
Revenue (in NIS thousands)	3,123	2,638	3,077	4,332	3,205	1,218	1,155	797	13,170	6,375	2,104	2,920
MUTUAL FUNDS
Market cap (in NIS billions)	330	313	297	277	272	267	262	284	330	272	292	239
Average daily value of creation / redemptions (in NIS millions)	1,474	1,406	1,306	1,498	1,232	915	874	940	1,424	987	890	1,055
Average commissions	0.00779%	0.00846%	0.00860%	0.00779%	0.00838%	0.01065%	0.01121%	0.01134%	0.00813%	0.01027%	0.01200%	0.01016%
Revenue (in NIS thousands)	7,576	7,259	6,516	7,468	5,992	5,945	5,977	6,818	28,819	24,732	26,054	26,594
DERIVATIVES
Derivatives on indices (1)	110.8	106.2	106.4	110.1	107.4	106.4	118.5	125.3	108.5	114.6	106.4	112.1
Derivatives on foreign currency	31.5	34.2	36.7	42.0	39.3	39.6	39.0	43.3	36.1	40.3	47.9	55.0
Derivatives on individual shares	10.0	18.4	10.1	12.3	3.5	2.9	3.1	7.5	12.7	4.3	5.0	3.0
Total derivative contracts (in '000 units)	152.3	158.8	153.2	164.4	150.2	148.9	160.6	176.1	157.3	159.2	159.3	170.1
Average commissions	0.565	0.585	0.557	0.559	0.534	0.533	0.536	0.546	0.566	0.538	0.530	0.520
Revenue (in NIS thousands)	5,681	5,664	4,947	5,878	4,656	4,838	5,250	6,156	22,170	20,900	20,608	21,941
OTHER
Other (MTS) (in NIS thousands)	33	56	64	74	37	36	32	103	227	208	299	135
Total revenue from trading and clearing commissions	41,190	36,948	35,528	41,923	33,761	33,412	35,872	39,445	155,589	142,490	131,116	136,451

Non-Transactional Metrics

	Quarter Ended									Year ended
	31.12.23	30.09.23	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.23	31.12.22	31.12.21	31.12.20
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions)*	2,908	2,946	2,877	2,829	2,865	2,946	3,004	3,116	2,890	2,983	2,975	2,491
Avg. commissions from Custodian Fees	0.00110%	0.00110%	0.00110%	0.00109%	0.00109%	0.00109%	0.00109%	0.00108%	0.00110%	0.00109%	0.00108%	0.00107%
Revenue from: (in NIS thousands)
Custodian Fees	7,986	8,093	7,891	7,741	7,841	8,015	8,160	8,444	31,711	32,460	32,221	26,676
Clearing House services for members	7,365	6,459	5,574	6,425	6,362	5,435	5,443	5,309	25,823	22,549	16,892	15,075
Clearing House services for companies & funds	4,280	3,203	4,071	3,566	2,436	2,640	3,423	2,300	15,120	10,779	11,271	10,730
Other	1,335	1,400	1,438	1,381	1,232	1,250	1,319	1,299	5,554	5,100	5,121	4,972
Total revenue from Clearing House services	20,966	19,155	18,974	19,113	17,871	17,340	18,345	17,352	78,208	70,908	65,505	57,453
				Quarter Ended					Year ended
	31.12.23	30.09.23	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.23	31.12.22	31.12.21	31.12.20
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies	612	618	624	630	608	612	615	617	621	612	535	527
Mutual funds and ETFs	2,300	2,303	2,309	2,341	2,345	2,339	2,310	2,270	2,314	2,314	2,210	2,142
Avg. revenue from levies (in NIS thousands)
Companies	5.6	5.5	5.5	5.4	5.7	5.7	5.7	5.7	22.0	22.8	21.6	20.9
Mutual funds and ETFs	2.0	2.0	2.0	2.0	1.9	1.9	1.9	1.9	8.0	7.7	7.4	7.6
Revenue from Annual Levies from: (in NIS thousands)
Companies	3,414	3,416	3,443	3,397	3,479	3,484	3,488	3,515	13,670	13,966	11,547	11,039
Mutual funds and ETFs	4,628	4,662	4,652	4,740	4,541	4,467	4,420	4,350	18,682	17,778	16,335	16,225
Nominee Company and others	1,868	1,873	1,820	1,838	1,621	1,610	1,586	1,564	7,399	6,381	5,178	3,067
Total revenue from Annual levies	9,910	9,951	9,915	9,975	9,641	9,561	9,494	9,429	39,751	38,125	33,060	30,331

Non-Transactional Metrics | Continued

	Quarter Ended								Year ended
	31.12.23	30.09.23	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.23	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)	41,655	37,927	30,806	33,266	29,659	38,383	32,281	43,409	139,052	143,732	182,966	118,413
Government bonds (including swap transactions)(2)	51,953	23,991	23,928	16,451	9,338	6,856	9,889	15,418	116,323	41,501	157,956	164,779
Treasury-bills	99,602	94,969	79,196	129,693	106,376	44,202	39,651	40,929	403,460	231,158	130,926	100,924
Number of issuances
Number of public offerings of shares on TASE (including on TASE-UP)	14	17	19	16	16	21	12	29	66	78	170	115
Number of new issuers of shares	-	-	-	1	-	4	1	8	1	13	94	27
Number of new (dual-listed) companies	-	-	-	2	1	-	-	1	2	2	2	3
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions)	-	-	-	145	-	926	25	1,391	145	2,342	10,490	4,616
Amount raised in bond offerings by new issuers (in NIS millions)	1,186	340	418	105	231	366	98	272	2,049	967	364	100
Number of corporate bond offerings to the public	30	40	34	33	25	55	34	51	137	165	177	145
Number of corporate bond offerings to the public by new companies	2	4	1	2	2	3	1	2	9	8	5	1
Average revenue from Examination and Listing Fees(3)
Companies – Shares, Bonds and ETFs	0.0168%	0.0155%	0.0180%	0.0142%	0.0167%	0.0177%	0.0176%	0.0178%	0.0166%	0.0175%	0.0172%	0.0182%
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees	1,582	1,740	1,780	1,946	1,661	2,135	2,129	2,320	7,048	8,245	8,986	6,843
Receipts from listing fees
Listing fees – shares, bonds & ETF's	6,989	5,890	5,543	4,728	4,941	6,813	5,688	7,741	23,152	25,183	31,388	21,570
Listing fees - government bonds	1,566	1,567	1,566	1,567	1,488	1,488	1,488	1,488	6,266	5,952	5,812	5,881
Listing of T-bills	697	665	554	908	745	496	90	287	2,824	1,618	916	707
Levies and examination fees from members	55	114	-	57	-	54	638	158	226	850	290	133
Other	170	198	96	26	106	48	29	53	490	236	162	218
Total receipts	9,477	8,434	7,759	7,286	7,280	8,899	7,933	9,727	32,958	33,839	38,568	28,439
Accounting adjustments to revenue recognition	)783(	364	689	1,095	935	)668(	700	3,313	1,363	4,280	)11,558(	(5,796(
Total revenue from listing fees	8,694	8,798	8,448	8,381	8,215	8,231	8,633	13,040	34,321	38,119	27,010	22,643
Total revenue from examination and listing fees (in NIS thousands)	10,276	10,538	10,228	10,327	9,876	10,366	10,762	15,360	41,369	46,364	35,996	29,556
Total revenue from listing fees and levies	20,186	20,489	20,143	20,302	19,517	19,927	20,256	24,789	81,120	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

	Quarter Ended								Year ended
	31.12.23	30.09.23	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.23	31.12.22	31.12.21	31.12.20
DATA DISTRIBUTION AND CONNECTIVITY SERVICES
Average number of data terminals
Domestic business clients(1)	7,446	7,311	7,245	7,379	7,221	7,279	7,459	7,718	7,345	7,419	7,551	7,559
Overseas business clients	5,955	5,924	5,968	5,722	5,514	5,580	5,214	5,480	5,892	5,447	4,927	4,496
Non-display data(2)	287	219	230	308	284	254	297	318	261	288	286	285
Revenue from data distribution and connectivity services (in NIS thousands)
Domestic business clients(1	4,516	4,454	4,380	4,450	4,082	4,117	4,179	4,315	17,800	16,693	16,516	16,936
Overseas business clients	3,211	3,496	3,034	2,589	2,444	2,422	2,277	2,108	12,330	9,251	7,160	5,555
Private clients	2,260	2,204	2,017	2,103	1,798	1,995	2,176	2,285	8,584	8,254	8,577	7,975
Derivative data and non-display data(3)	1,275	1,065	1,074	1,199	1,137	1,253	1,380	1,005	4,613	4,775	3,954	3,172
Data files and other data	1,203	1,158	1,128	1,167	1,093	1,053	1,019	982	4,656	4,147	3,381	2,803
Authorization for indices usage	2,735	2,473	2,511	2,462	763	769	768	902	10,181	3,202	3,093	3,189
Connectivity services	3,374	3,261	3,223	3,154	2,961	2,798	3,277	2,702	13,012	11,738	9,587	8,778
Total revenue from data distribution and connectivity services	18,574	18,111	17,367	17,124	14,278	14,407	15,076	14,299	71,176	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.

(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: 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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