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1 Tel-Aviv Stock Exchange (TASE) Investors Presentation Quarter ended March 31, 2025
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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 2
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TASE at a Glance / Q1’25 by the Numbers Established in 1953, TASE is the only Securities Exchange in Israel and a cornerstone of its growing capital market 3 Listings and Offerings Market Capitalization (NIS Billions) 2.9 Shares (1) 35% Y-o-Y Growth (‘000 Contracts) 208.2 Derivatives 37% Y-o-Y Growth (NIS Billions) 1.3 T-Bills 32% Y-o-Y Reduction Average Daily Turnover (NIS Billions) 1.1 Corporate Bonds(1) 5% Y-o-Y Reduction (NIS Billions) 3.2 Government Bonds 6% Y-o-Y Reduction (NIS Billions) 1,367 Shares (1) 18% Y-o-Y Growth (NIS Billions) 446 Mutual Funds(5) 25% Y-o-Y Growth (NIS Billions) 228 T-Bills 11% Y-o-Y Reduction (NIS Billions) 563 Corporate Bonds(1) 16% Y-o-Y Growth (NIS Billions) 783 Government Bonds 24% Y-o-Y Growth 536 Share and bond Companies(4) Y-o-Y Unchanged (NIS Billions) 113.3 T-Bills Raised 11% Y-o-Y Growth (NIS Billions) 48.9 Government Bonds Raised (3) 6% Y-o-Y Growth (NIS Billions) 3.0 Equity Raised 18% Y-o-Y Growth (NIS Billions) 44.3 Corporate Bonds Raised(2) 103% Y-o-Y Growth 87 Bond Companies(4) Y-o-Y Unchanged (1) Includes ETFs. (2) Includes structured bonds. (3) Includes government bonds via swap transactions. (4) Excludes TASE-UP (5) Value of the mutual funds’ assets, as recorded in the in TASE Clearing House
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103.0 135.2 157.6 186.3 199.531.8% 37.5% 40.4% 42.6% 43.3% 1.0% 6.0% 11.0% 16.0% 21.0% 26.0% 31.0% 36.0% 41.0% 2021 2022 2023 2024 LTM 4 Revenue (NIS Millions) Adjusted EBITDA & Margin(1) (NIS Millions) Adjusted Net Profit & Margin(1) (NIS Millions) (NIS Millions) 131.0 Revenue 21% Y-o-Y Growth (NIS Millions) 61.8 Adj. EBITDA (1) 27% Y-o-Y Growth (NIS Millions) 36.9 Adj. net profit (1 ) 32% Y-o-Y Growth (NIS) 0.390 Basic EPS 40% Y-o-Y Growth Financial Metrics TASE at a Glance / Q1’25 by the Numbers Continued Basic EPS (NIS) (1) Exclude expenses in respect to share-payments 47.2% % Adj. EBITDA (1) 28.1% % Adj. net profit (1 ) 44.8% in Q1’24 25.7% in Q1’24 460.5 437.8 389.9 361.0 323.7 LTM2024202320222021 46.2 51.3 89.3 107.2 116.3 14.3% 14.2% 22.9% 24.5% 25.2% -2.0% 3.0% 8.0% 13.0% 18.0% 23.0% 2021 2022 2023 2024 LTM 1.205 1.093 0.859 0.500 0.449 LTM2024202320222021
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Issuance Volume 5 (1) Includes TASE-UP (2) Includes Private Placements (3) Excludes companies that were listed without raising capital Equity Market Bond Market (NIS in billions) Capital Issuances(1) (NIS in billions)Q1’25(1)Number of Issuances(2) 3.0 NIS in billions Secondary Offerings Private Placements IPOs Exercise of Warrants 5 Corporate Bond Issuances (4)Government Bond Issuances(5)Treasury Bills Issuances 0.1 0.1 0.7 2.6 2.5 3.0 Q1'23 Q1'24 Q1'25 IPO Secondary offerings 1 2 5 39 44 33 Q1'23 Q1'24 Q1'25 Secondary offerings IPO 4) Includes structured bonds 5) Excluding amounts raised by way of swap auctions, totaling NIS 33.7 billion, NIS 29.7 billion and NIS 1.4 billion in year ended 31.12.2024, 31.12.23 and 31.12.2022, respectively. (3) 41 % 36 % 26 % 0 % 129.7 101.9 113.3 Q1'23 Q1'24 Q1'25 15.4 51.9 48.9 Q1'23 Q1'24 Q1'25 21.9 21.8 44.3 Q1'23 Q1'24 Q1'25
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The results for Q1’25 NIS, in thousands 6 Quarter Ended Difference -%March 31, 2024March 31, 2025IFRS (GAAP) 21%108,293131,030Revenue from services 13%75,36784,844Expenses 40%32,92646,186Profit before financing income, net (38%)1,437890Financing income, net 30%8,65311,285Taxes on income 39%25,71035,791Profit 40%0.2780.390Basic EPS (in NIS) Non GAAP 27%48,56861,831Adjusted EBITDA(1) 44.8%47.2% % EBITDA Adjusted margin 32%27,82336,854Adjusted net profit(1) 25.7%28.1%% Adjusted net profit margin 21% Y-o-Y Growth Revenue (NIS Millions) 27% Y-o-Y Growth Adjusted EBITDA(1) (NIS Millions) 32% Y-o-Y Growth Adjusted net profit(1) (NIS Millions) (1) Adjusted EBITDA and Adjusted Net Profit exclude expenses in respect to share-payments. 131.0 108.3 Q1'25Q1'24 61.8 48.6 Q1'25Q1'24 36.9 27.8 Q1'25Q1'24
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38% 18% 24% 19% 1% Trading and clearing commissions Listing fees and levies Clearing House services Data distribution and connectivity services Other revenue Revenue Q1’25 NIS, in thousands 7 Quarter Ended Difference - % % of the Company ’ s total revenues March 31 , 2024 % of the Company ’ s total revenues March 31 , 2025 15%40%42,95438%49,490 Trading and clearing commissions 12%20%21,60318%24,269Listing fees and levies 60%18%19,98024%31,879Clearing House services 8%21%22,60119%24,519 Data distribution and Connectivity services (24%)1%1,1551%873Other revenue 21%100%108,293100%131,030Total revenue 38% Transactional 62% Non-transactional Q1’25 Revenue 131.0 NIS Millions Most of the decrease in other revenue is due to the termination of the rent agreement in the first quarter of 2024. 8% of the increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, both as a result of an increase in income from fees, which were affected by the appreciation of the listed securities, and due to the linkage of the levy rates to the CPI. In addition, an increase in revenue from listing fees, mainly due to an increase in the volumes raised by companies and ETFs and an increase in revenue from examination fees, increased revenue by 2%, each. 35% of the increase in revenues from Clearing House services stems from an increase in revenues from Clearing House services to members, both as a result of the higher volumes of activity, and due to the completion of the regulation of OTC clearing in the fourth quarter of 2024 and the linkage of the clearing rates to the CPI. In addition, 23% of the increase in revenues is due to an increase in revenues from custodian fees as a result of the increase in the value of assets held in custody at TASE-CH, as well as to the updating of the custodian fees (account management fees) pricelist and 2% of the increase in revenues is due to an increase in revenues from companies and funds. 17% of the increase in revenue from trading and clearing commissions is due mainly to an increase in the trading volume of shares and derivatives and in the volume of creations/redemptions of mutual fund units, as well as to there being an additional trading day this quarter compared to the corresponding quarter last year, which increased revenue by 2%. In opposition, a reduction in the effective commission rate, mainly in relation to shares and mutual funds, reduced revenue by 4%. 6% of the increase in revenues from data distribution and connectivity services is due to an increase in revenues from data distribution, mainly from private and business customers in Israel, and 2% of the increase is due to an increase in revenues from authorizations to use the TASE indices, mainly as a result of the increased use of the TASE indices.
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40% 37% 38% 37% 38% 60% 63% 62% 63% 62% 108.3 105.1 109.0 115.4 131.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Stocks 38% Corporate Bonds 10% Government Bonds 10% Derivatives 14% Mutual Funds 22% T-Bills and other 6% Q1’2025 49.5 NIS Millions 15% Y-o-Y Growth 8 Trading and Clearing Commissions Transactional 38% Non-transactional 62% Total Revenue Revenue from Trading and Clearing Commissions over the last quarters (NIS in millions)Revenue over the last quarters (NIS in millions) Trading and Clearing Commissions Non-transactional Q1’25 Revenue Composition NIS, in millions 43.0 38.8 41.8 43.1 49.5 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
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32% 14% 5% 6% 27% 16% Q1’25 24.5 NIS Millions 8% Growth Y-O-Y 41% 43% 11% 5% Q1’25 31.9 NIS Millions 60% Growth Y-O-Y Custodian feesFor membersFor companies & fundsOther 9 Clearing House Services Listing Fees and LeviesData Distribution and Connectivity Services 52% 38% 10% Q1’25 24.2 NIS Millions 12% Growth Y-O-Y Annual LeviesListing FeesExamination fees Revenue from Listing Fees and Levies over the last quarters (NIS in millions) Revenue from Clearing House Services over the last quarters (NIS in millions)Revenue Data Distribution and Connectivity Services over the last quarters (NIS in millions) Business clientsPrivate clientsDerivative & non-display data Data files and othersIndices usageConnectivity services In Q1’2025, the other revenue amounted to NIS 0.9 million Q1’25 Revenue Composition NIS, in millions 22.6 22.1 23.0 23.1 24.5 21% 21% 21% 20% 19% 0% 5% 10% 15% 20% 25% 0 5 10 15 20 25 30 35 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Revenue (NIS millions) % of the Company’s total revenues 20.0 21.5 21.2 26.1 31.918% 20% 19% 23% 24% 0% 5% 10% 15% 20% 25% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Revenue (NIS millions) % of the Company’s total revenues 21.6 21.7 22.4 22.3 24.2 20% 21% 21% 19% 18% 0% 5% 10% 15% 20% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Revenue (NIS millions) % of the Company’s total revenues
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Adjusted Expenses(*) Q1’25 NIS, in thousands 10 Quarter Ended Difference - % % of the Company ’ s total expenses March 31 , 2024 % of the Company ’ s total expenses March 31 , 2025 14%53%39,03053%44,617Compensation 16%15%10,83715%12,553Computer and Communications 2%4%3,2644%3,319Property Taxes and Building Maintenance 32%2%1,3412%1,766Marketing 24%3%2,0923%2,596Fee to the Israel Securities Authority 9%3%2,4853%2,704General and Administrative 79%1%7002%1,251Other operating expenses 8%18%13,49617%14,582Depreciation & amortization 4267%0%91%393Other 14%100%73,254100%83,781Total Expenses** Q1’25 Adjusted Expenses 83.8 NIS Millions (*) Expenses exclude expenses in respect to share-payments. (**) The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 84.8 millions in Q1’25 and to NIS 75.4 millions in Q1’24. 53% 15% 4% 2% 3% 3% 2% 17% 1% 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
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Financial Position and Capital & Liquidity Adequacy as of March 31, 2025 | NIS Thousands 11 Assets: Cash and cash equivalents 243,789 Financial assets at fair value through profit or loss 93,358 Trade receivables 24,832 Other receivables 19,672 Total 381,651 Assets derived from clearing operations in respect of open derivative positions 642,024 Total current assets 1,023,675 Total non-current assets 484,922 Total assets 1,508,597 Liabilities and Equity: Total current liabilities 823,977 Of which- liabilities derived from clearing operations in respect of open derivative positions 642,024 Total non-current liabilities 179,694 capital reserves 372,544 Retained earnings 132,382 Total equity 504,926 Total liabilities and equity 1,508,597 Adjusted Equity Ratio(3) 71% capital requirements Total capital requirements in respect of the risk components 182,926 Total equity 504,926 Deferred income in respect of listing fees less deferred tax 86,984 Total qualifying capital base 591,910 Capital surplus (qualifying capital base, less requirements) 408,984 Liquidity requirements Total requirements for liquid assets 140,489 Cash and cash equivalents 243,789 Securities portfolio at fair value 93,358 Less – amortization coefficients on the assets (4,116) Line of credit 120,000 Less- the balance earmarked for investment in TASE's technological infrastructure (181,204) Less – current liabilities (19,896) Net liquid assets 315,238 Liquidity surplus (net liquid assets, less requirements) 111,442 409 NIS in Millions Excess Capital (1)(2) 35% Reduction compared to 31.12.24 111.4 NIS in Millions Excess Liquidity (1) 35% Reduction compared to 31.12.24 (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 (3) Adjusted assets exclude open position in derivatives. Adjusted capital includes deferred income from registration fees.
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Cash Flow NIS in Millions 12 (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 . Item 25’1Q 2024 24’4Q 24’3Q 24’2Q 24’1Q Operating Activities Adjusted EBITDA(1) 61,831 186,325 46,822 45,123 45,812 48,568 Changes in working capital 15,729 (3,545) 11,674 2,854 (22,933) 4,860 Financing and tax (19,720) (17,575) (379) (2,774) (3,008) (11,414) Total 57,840 165,205 58,117 45,203 19,871 42,014 Investing Activities Investments in property, equipment and in intangible assets (20,013) (54,953) (19,749) (13,113) (9,093) (12,998) Disposal (acquisition) of financial assets at fair value (17) (731) (254) (594) (355) 472 Total (20,030) (55,684) (20,003) (13,707) (9,448) (12,526) Financing Activities Lease payments (2,175) (9,472) (2,464) (2,311) (2,347) (2,350) Payments for the acquisition of treasury shares (202,571) - - - - - Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net(2) - 252,523 10,066 - - 242,457 Repayment of long-term loans (107,222) (50,000) (12,500) (12,500) (12,500) (12,500) Receipt Long-term debt 130,000 Dividend payment (50,697) (272,718) - - - (272,718) Total (232,665) (79,667) (4,898) (14,811) (14,847) (45,111) Total increase (decrease) in cash and cash equivalents (194,855) 29,854 33,216 16,685 (4,424) (15,623) Opening balance 438,288 408,484 405,295 388,705 392,955 408,484 Effect of changes in exchange rates on cash balances 356 (50) (223) (95) 174 94 Closing balance 243,789 438,288 438,288 405,295 388,705 392,955 Free Cash Flow Net cash provided by operating activities 57,840 165,205 58,117 45,203 19,871 42,014 Investments in property, equipment and in intangible assets (20,013) (54,953) (19,749) (13,113) (9,093) (12,998) Lease payments (2,175) (9,472) (2,464) (2,311) (2,347) (2,350) Free Cash Flow 35,652 100,780 35,904 29,779 8,431 26,666
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13 APPENDIX
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Revenue Trends NIS in Millions 14 Number of trading days Annual Revenue . Quarterly Revenue 41% 40% 40% 38% 37% 21% 23% 21% 20% 20%20% 20% 20% 20% 22%16% 16% 18% 21% 20% 2% 1% 1% 1% 1% 323.7 361.0 389.9 437.8 460.5 2021 2022 2023 2024 LTM Other revenue Data distribution and connectivity services Clearing House services Listing fees and levies Trading and clearing commissions 42 % 38% 39% 41% 40% 37% 38% 37% 38% 20 % 22% 21% 20% 20% 21% 21% 19% 18% 19 % 20% 20% 20% 18% 20% 19% 23% 24% 17 % 19% 19% 18% 21% 21% 21% 20% 19% 2% 1% 1% 1% 1% 1% 1% 1% 1% 100.0 92.9 95.5 101.5 108.3 105.1 109.0 115.4 131.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 64 6158 66 63 57 65 60 64
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Adjusted Operating Expenses(1) Trends NIS in Millions 15(1) Excludes the expenses in respect to share-payments. Quarterly Expenses(1) Annual Expenses(1) 55% 53% 54% 54% 54% 18% 19% 18% 18% 18% 27% 28% 28% 28% 28%268.5 277.3 285.4 307.7 318.2 2021 2022 2023 2024 LTM סידרה4 Other Depreciation and amortization Compensation 55% 52% 54% 54% 53% 54% 54% 55% 53% 19% 19% 19% 18% 19% 19% 18% 17% 17% 26% 29% 27% 28% 28% 27% 28% 28% 30%69.4 70.9 70.2 74.9 73.3 73.4 77.9 83.1 83.8 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
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16 Adjusted Net Profit & Margin (1) Profitability Trends NIS in Millions (1) Excludes the expenses in respect to share-payments Adjusted EBITDA & Margin (1) 43.5 35.6 38.4 40.1 48.6 45.8 45.1 46.8 61.8 43.5% 38.3% 40.0% 39.5% 44.8% 43.6% 41.4% 40.6% 47.2% -2.0% 3.0% 8.0% 13.0% 18.0% 23.0% 28.0% 33.0% 38.0% 43.0% 48.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 103.0 135.2 157.6 186.3 199.5 31.8% 37.5% 40.4% 42.6% 43.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 0.0 50.0 100.0 150.0 200.0 2021 2022 2023 2024 LTM 46.2 51.3 89.3 107.2 116.3 14.3% 14.2% 22.9% 24.5% 25.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 2021 2022 2023 2024 LTM 26.1 20.4 20.1 22.7 27.8 25.7 27.2 26.5 36.9 26.1% 22.0% 21.0% 22.4% 25.7% 24.4% 24.9% 22.9% 28.1% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
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17 Average Daily Turnover (NIS billions) Average commissions % Revenue (NIS millions) Velocity Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs Revenue Drill Down | Transactional - Shares 2.30 2.00 2.20 2.90 2.14 2.07 1.87 1.93 2.14 2.16 2.00 2.51 2.90 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 0.0104% 0.0113% 0.0110% 0.0101% 0.0109% 0.0113% 0.0116% 0.0115% 0.0111% 0.0113% 0.0112% 0.0104% 0.0101% 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 58.5 56.2 59.0 18.7 14.8 13.5 13.3 14.6 15.0 13.9 14.5 15.6 18.7 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 43% 43% 41% 45% 44% 39% 42% 39%46% 42% 39% 43% 45%
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13.7 17.2 18.9 4.8 4.4 3.6 3.5 5.7 5.0 4.3 4.8 4.8 4.8 18.1 17.8 18.8 5.0 4.9 3.8 4.6 4.5 5.2 4.6 4.4 4.6 5.0 31.8 35.0 37.7 9.8 9.3 7.4 8.1 10.2 10.2 8.9 9.2 9.4 9.8 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 18 Average Daily Turnover (NIS billions) Average commissions % Revenue (NIS millions) Velocity Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs Revenue Drill Down | Transactional - Bonds 2.43 2.91 3.34 3.25 2.99 2.63 2.43 3.53 3.44 3.27 3.26 3.41 3.25 1.05 1.02 1.08 1.10 1.09 0.93 1.08 0.96 1.16 1.12 0.96 1.08 1.103.48 3.93 4.42 4.35 4.08 3.56 3.51 4.49 4.60 4.39 4.22 4.49 4.35 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 0.0037% 0.0036% 0.0035% 0.0035% 0.0036% 0.0036% 0.0038% 0.0034% 0.0035% 0.0036% 0.0034% 0.0035% 0.0035% 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 73% 81% 82% 78% 75% 89% 89% 83% 76% 79%91% 69%69%
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Average Daily Turnover (NIS billions) Revenue (NIS millions) Revenue Drill Down | Transactional - Mutual Funds 19 Average commissions % 0.99 1.42 1.92 2.41 1.50 1.31 1.41 1.47 1.83 1.83 1.86 2.18 2.41 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 0.0103% 0.0081% 0.0074% 0.0070% 0.0078% 0.0086% 0.0085% 0.0078% 0.0075% 0.0077% 0.0074% 0.0072% 0.0070% 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 24.7 28.8 35.1 10.8 7.5 6.5 7.2 7.6 8.6 8.0 9.0 9.5 10.8 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
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20 Average Daily Turnover (in '000 units) Revenue Capture % Commission / Contract Revenue (NIS millions) Revenue Drill Down | Transactional – Derivatives Daily Contracts (thousands) Derivatives on shares FX derivatives Options on indices Average commissions 114.6 108.5 123.7 149.6 110.1 106.4 106.2 110.8 101.6 119.5 142.6 130.6 149.6 40.3 36.1 37.6 47.6 42.0 36.7 34.2 31.5 29.8 39.8 41.0 40.1 47.6 4.3 12.7 11.8 11.0 12.3 10.1 18.4 10.0 20.1 10.1 8.3 8.4 11.0 159.2 157.3 173.1 208.2 164.4 153.2 158.8 152.3 151.5 169.4 191.9 179.1 208.2 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 0.54 0.57 0.54 0.54 0.56 0.56 0.59 0.57 0.59 0.53 0.51 0.55 0.54 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 20.9 22.2 23.1 7.2 5.9 4.9 5.7 5.7 5.7 5.1 6.4 5.9 7.2 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
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21 Asset Value (NIS billions) Revenue (NIS millions)* Custodian fees (Clearing House Services) 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 Average commissions % 2,983 2,890 3,238 3,685 2,829 2,877 2,946 2,908 3,110 3,132 3,239 3,470 3,685 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 0.00109% 0.00110% 0.00109% 0.00141% 0.00109% 0.00110% 0.00110% 0.00110% 0.00108% 0.00108% 0.00110% 0.00110% 0.00141% 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 32.5 31.7 35.4 13.0 7.7 7.9 8.1 8.0 8.4 8.5 8.9 9.6 13.0 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
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22 Examination and Listing Fees* Data Distribution Other Clearing House Services Annual Levies Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted 38.1 39.8 43.6 12.5 10.0 9.9 10.0 9.9 10.7 10.9 11.0 11.0 12.5 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 46.4 41.4 44.4 11.7 10.3 10.2 10.6 10.3 10.9 10.8 11.4 11.3 11.7 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 58.0 71.2 90.8 24.5 17.1 17.4 18.1 18.5 22.6 22.1 23.0 23.1 24.5 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 38.4 46.5 53.5 18.9 11.4 11.1 11.1 13.0 11.6 13.0 12.4 16.5 18.9 2022 2023 2024 Q1'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
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Transactional Metrics 23 Quarter Ended Year ended 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 Number of trading days 64 60 65 57 63 245 249 244 SHARES Market cap of Shares (ex. ETFs) 1,216 1,218 1,050 964 1,038 1,218 953 949 Market cap of ETFs on share indices 151 151 134 123 117 151 102 71 Total market cap (in NIS billions) 1,367 1,369 1,184 1,087 1,155 1,369 1,055 1,020 Shares ADV 2,317 1,948 1,547 1,731 1,607 1,703 1,598 1,874 ETFs on share indices ADV 579 562 454 431 531 495 400 421 Total average daily volume (in NIS millions) 2,896 2,510 2,001 2,162 2,138 2,198 1,998 2,295 Average commissions 0.01010% 0.01035% 0.01115% 0.01131% 0.01110% 0.01095% 0.01129% 0.01044% Revenue (in NIS thousands) 18,720 15,584 14,500 13,934 14,952 58,970 56,176 58,469 BONDS Market cap of corporate bonds 531 504 485 447 457 504 447 409 Market cap of ETFs on bond indices 32 32 30 30 30 32 29 27 Total market cap (in NIS billions) 563 536 515 477 487 536 476 436 Corporate bonds ADV 1,011 979 849 1,024 1,054 974 902 916 ETFs on bond indices ADV 91 103 109 96 105 103 114 130 Total average daily volume (in NIS millions) 1,102 1,082 958 1,120 1,159 1,077 1,016 1,046 Corporate bonds - average commissions 0.00710% 0.00702% 0.00713% 0.00718% 0.00708% 0.00711% 0.00705% 0.00707% Revenue from corporate bonds (in NIS thousands) 5,005 4,559 4,440 4,581 5,172 18,752 17,833 18,036 Market cap of government bonds -unlinked 408 395 370 347 328 395 308 287 Market cap of government bonds –linked and others 375 356 335 315 304 356 304 300 Total market cap (in NIS billions) 783 751 705 662 632 751 612 587 Government bonds - unlinked 2,105 2,338 2,266 2,183 2,469 2,316 1,902 1,476 Government bonds – linked and others 1,144 1,074 993 1,084 970 1,028 1,009 955 Total average daily volume (in NIS millions) 3,249 3,412 3,259 3,267 3,439 3,344 2,911 2,431 Government bonds unlinked - average commissions 0.00199% 0.00205% 0.00193% 0.00200% 0.00202% 0.00200% 0.00202% 0.00195% Government bonds linked - average commissions 0.00291% 0.00300% 0.00299% 0.00298% 0.00299% 0.00299% 0.00303% 0.00290% Government bonds - unlinked (in NIS thousands) 2,682 2,876 2,837 2,484 3,146 11,343 9,579 7,010 Government bonds - linked (in NIS thousands) 2,128 1,933 1,929 1,844 1,828 7,534 7,615 6,760 Revenue from Government bonds (in NIS thousands) 4,810 4,809 4,766 4,328 4,974 18,877 17,194 13,770
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24 Transactional Metrics | Continued Quarter Ended Year ended 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 Number of trading days 64 60 65 57 63 245 249 244 TREASURY BILLS Market cap (in NIS billions) 228 222 231 249 256 222 305 209 Treasury bills ADV (in NIS millions) 1,319 1,251 1,128 1,365 1,926 1,419 1,397 783 Average commissions 0.00343% 0.00361% 0.00362% 0.00359% 0.00290% 0.00336% 0.00379% 0.00334% Revenue (in NIS thousands) 2,894 2,713 2,657 2,797 3,516 11,683 13,170 6,375 MUTUAL FUNDS Market cap (in NIS billions) 446 429 405 375 357 429 330 272 Average daily value of creation / redemptions (in NIS millions) 2,414 2,181 1,864 1,826 1,828 1,924 1,424 987 Average commissions 0.00702% 0.00724% 0.00742% 0.00769% 0.00748% 0.00744% 0.00813% 0.01027% Revenue (in NIS thousands) 10,843 9,474 8,993 8,005 8,610 35,082 28,819 24,732 DERIVATIVES Derivatives on indices 149.6 130.6 142.6 1195 101.6 123.7 108.5 114.6 Derivatives on foreign currency 47.6 40.1 41.0 39.8 29.8 37.6 36.1 40.3 Derivatives on shares 11.0 8.4 8.3 10.1 20.1 11.8 12.7 4.3 Total derivative contracts (in '000 units) 208.2 179.1 191.9 169.4 151.5 173.1 157.3 159.2 Average commissions 0.54 0.55 0.51 0.53 0.59 0.54 0.57 0.54 Revenue (in NIS thousands) 7,187 5,879 6,413 5,126 5,672 23,090 22,170 20,900 OTHER Other (MTS) (in NIS thousands) 31 33 40 41 58 172 227 208 Total revenue from trading and clearing commissions 49,490 43,051 41,809 38,812 42,954 166,626 155,589 142,490
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25 Transactional Metrics | Continued Quarter Ended Year ended 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 CLEARING HOUSE SERVICES Average monthly/daily value of assets (in NIS billions)* 3,685 3,470 3,239 3,132 3,110 3,238 2,890 2,983 Avg. commissions from Custodian Fees 0.00141% 0.00110% 0.00110% 0.00108% 0.00108% 0.00109% 0.00110% 0.00109% Revenue from: (in NIS thousands) Custodian Fees 13,031 9,557 8,893 8,458 8,417 35,325 31,711 32,460 Clearing House services for members 13,883 10,547 6,832 6,510 6,889 30,778 25,823 22,549 Clearing House services for companies & funds 3,465 4,586 4,084 5,209 3,132 17,011 15,120 10,779 Other 1,500 1,459 1,457 1,354 1,542 5,812 5,554 5,100 Total revenue from Clearing House services 31,879 26,149 21,266 21,531 19,980 88,926 78,208 70,908 Quarter Ended Year ended 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 LISTING FEES AND LEVIES Weighted avg. number of companies / funds Companies 621 611 617 619 622 617 621 612 Mutual funds and ETFs 2,335 2,272 2,277 2,264 2,311 2,281 2,314 2,314 Avg. revenue from levies (in NIS thousands) Companies 6.6 5.8 5.7 5.7 5.7 22.9 22.0 22.8 Mutual funds and ETFs 2.3 2.2 2.2 2.2 2.1 8.7 8.0 7.7 Revenue from Annual Levies from: (in NIS thousands) Companies 4,072 3,522 3,535 3,543 3,557 14,157 13,670 13,966 Mutual funds and ETFs 5,349 5,099 4,937 4,926 4,933 19,895 18,682 17,778 Nominee Company and others 3,082 2,454 2,510 2,408 2,201 9,573 7,399 6,381 Total revenue from Annual levies 12,503 11,075 10,982 10,877 10,691 43,625 39,751 38,125
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26 Non-Transactional Metrics | Continued (1) Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules . (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 agreemen t b etween 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 secon dar y offerings) and on ETFs in accordance with International Financial Reporting Standard, “ Revenue from Contracts with Customers ” (IFRS 15 ) Quarter Ended Year ended 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 LISTING FEES AND LEVIES- Continued The value of issuance used to calculate Listing fees (in NIS millions) Companies – Shares, Bonds and ETFs(1) 54,431 46,232 52,312 30,356 43,089 171,989 139,052 143,732 Government bonds (including swap transactions)(2) 58,608 49,205 54,248 49,156 67,331 219,940 116,323 41,501 Treasury-bills 113,256 112,489 111,763 113,658 101,914 439,824 403,460 231,158 Average revenue from Examination and Listing Fees(3) Companies – Shares, Bonds and ETFs 0.0168% 0.0195% 0.0174% 0.0144% 0.0165% 0.0172% 0.0166% 0.0175% Revenue from Examination and Listing Fees (in NIS thousands) Examination fees 2,442 2,111 2,338 2,161 2,040 8,650 7,048 8,245 Receipts from listing fees Listing fees – shares, bonds & ETF’s 9,171 9,008 9,081 4,368 7,102 29,559 23,152 25,183 Listing fees - government bonds 1,674 1,619 1,619 1,619 1,619 6,476 6,266 5,952 Listing of T-bills 793 788 784 795 713 3,080 2,824 1,618 Levies and examination fees from members - 59 139 863 30 1,091 226 850 Other 113 164 342 181 910 490 236 Total receipts 11,751 11,638 11,965 7,826 9,687 41,116 32,958 33,839 Accounting adjustments to revenue recognition (2,427) (2,514) (2,888) 851 (815) (5,366) 1,363 4,280 Total revenue from listing fees 9,324 9,124 9,077 8,677 8,872 35,750 34,321 38,119 Total revenue from examination and listing fees (in NIS thousands) 11,766 11,235 11,415 10,838 10,912 44,400 41,369 46,364 Total revenue from listing fees and levies 24,269 22,310 22,397 21,715 21,603 88,025 81,120 84,489
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27 Non-Transactional Metrics | Continued (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. Quarter Ended Year ended 31.03.25 31.12.24 30.09.24 30.06.24 31.03.24 31.12.24 31.12.23 31.12.22 DATA DISTRIBUTION AND CONNECTIVITY SERVICES Average number of data terminals Domestic business clients(1) 7,795 7,373 7,332 7,397 7,491 7,398 7,345 7,419 Overseas business clients 5,106 4,939 5,174 4,866 5,848 5,207 5,892 5,447 Non-display data(2) 209 198 221 200 231 213 261 288 Revenue from data distribution and connectivity services (in NIS thousands) Domestic business clients(1 5,120 4,687 4,663 4,656 4,723 18,729 17,800 16,693 Overseas business clients 2,758 2,735 2,850 2,728 3,009 11,322 12,330 9,251 Private clients 3,366 2,553 2,988 2,879 2,498 10,918 8,584 8,254 Derivative data and non-display data(3) 1,142 1,166 1,056 1,165 1,166 4,553 4,613 4,775 Data files and other data 1,533 1,313 1,330 1,320 1,259 5,222 4,656 4,147 Authorization for indices usage 6,670 6,715 6,302 5,757 6,286 25,060 10,181 3,202 Connectivity services 3,930 3,954 3,762 3,614 3,660 14,990 13,012 11,738 Total revenue from data distribution and connectivity services 24,519 23,123 22,951 22,119 22,601 90,794 71,176 58,060
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28 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