Tel Aviv Stock Exchange : Investors presentation Q2 2023

Tel-Aviv Stock Exchange (TASE)

Investors Presentation

Second quarter 2023

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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

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TASE at a Glance / Q2'23 by the Numbers

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

	Average Daily Turnover				Financial Metrics
(NIS Billions)	(NIS Billions)	(NIS Billions)	(NIS Billions)	('000 Contracts)	(NIS Millions)	(NIS Millions)	(NIS Millions)
2.1	0.9	2.6	1.3	153		92.9	35.6	20.4 38.3%
Shares	Corporate	Government	T-Bills	Derivatives	Revenue	Adj. EBITDA	Adj. net profit	%EBITDA
14% Y-o-Y Reduction	Bonds(1)	Bonds	62% Y-o-Y Growth	5% Y-o-Y Reduction	2% Y-o-Y Growth	1% Y-o-Y Reduction	42% Y-o-Y Growth	Adjusted margin
	28% Y-o-Y Reduction	14% Y-o-Y Growth							3% Y-o-Y Reduction
	Market Capitalization				Listings and Offerings
(NIS Billions)	(NIS Billions)	(NIS Billions)	(NIS Billions)	(NIS Billions)	546	(NIS Billions)	(NIS Billions)	(NIS Billions)
1,009	453	601	282	297		1.4	49.0	79.2
Shares	Corporate	Government	T-Bills	Mutual Funds	Companies with	Equity Raised	Bonds Raised(2)	T-Bills Raised
6% Y-o-Y Reduction	Bonds(1)	Bonds	110% Y-o-Y Growth	13% Y-o-Y Growth	Share Listings	79% Y-o-Y Reduction	63% Y-o-Y Growth	100% Y-o-Y Growth
	2% Y-o-Y Growth	7% Y-o-Y Reduction

TASE plays a critical role in the market infrastructure of Israel as well as the overall growth of its economy

• "Home court" for Israeli companies looking to raise capital
• Primary source of capital raising for the Israeli government
• Only clearing house infrastructure in Israel, including clearing/ settlement of mutual funds (major retail investing channel)

(1)	Includes corporate ,ETFs and structured bonds..	3
(2)	Includes corporate, government and structured bonds.

Issuance Volume

Equity Market

Bond Market

(NIS in billions)

Number of Issuances(2)

	Secondary offerings		IPO

78

		41		35
13	9	1
2022		H1'22	H1'23

Treasury Bills Issuances

231.1

208.9

80.6

2022

H1'22

H1'23

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

Q2'23(1)

3%

0%

				Secondary Offerings
44%	1.4	53%		Private Placements
NIS in
	IPOs

billions

Exercise of Warrants

Government Bond Issuances

41.5

40.4

25.3

2022

H1'22

H1'23

Capital Issuances(1) (NIS in billions)

IPO		Secondary offerings

21.7

14.4

								4.0
		2.3			1.4	0.1
2022			H1'22				H1'23

Corporate Bond Issuances

92.1

45.846.9

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2022

H1'22

H1'23

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The results for Q2'23

NIS, in thousands

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

Revenue

(NIS Millions)

2%

Y-o-Y Growth

Adjusted EBITDA

(NIS Millions)

1%

Y-o-Y Reduction

Adjusted net profit

(NIS Millions)

42%

Y-o-Y Growth

92.9

91.0

Q2'22Q2'23

35.835.6

Q2'22Q2'23

20.4

14.3

Q2'22Q2'23

(1) Adjusted EBITDA and Adjusted Net Profit exclude expenses in respect to share-payments.

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