TEL AVIV STOCK EXCHANGE : TASE) INVESTORS PRESENTATION Q2 2022

Tel-Aviv Stock Exchange (TASE)

Investors Presentation

Second quarter 2022

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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 / Q2'22 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

(NIS Billions)	(NIS Billions)	('000 Contracts)
2.4	3.6	157.5
Shares	Bonds(1)	Derivatives(2)
27% Y-o-Y Growth	5% Y-o-Y Reduction	12% Y-o-Y Growth
	Market Capitalization
(NIS Billions)	(NIS Billions)	(NIS Billions)
1,078 1,086	134
Shares	Bonds(1)	T-Bills
5% Y-o-Y Growth	1% Y-o-Y Reduction	33% Y-o-Y Growth

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

Financial Metrics

(NIS Millions)	(NIS Millions)	(NIS Millions)
91.0	35.8	14.3
Revenue	Adj. EBITDA	Adj. net profit
8% Y-o-Y Growth	36% Y-o-Y Growth	16% Y-o-Y Growth

Listings and Offerings

548	(NIS Billions)	(NIS Billions)
6.8	30
Companies with	Equity Raised	Bonds Raised(3)
Share Listings	14% Y-o-Y Reduction	40% Y-o-Y Reduction

• "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, government bonds ,ETFs and structured bonds.

(2)	Excludes options on single shares and TA-Banks indices.	3
(3)	Includes corporate, government and structured bonds.

The results for Q2'22

NIS, in thousands

		Quarter Ended
IFRS (GAAP)
June 30, 2022	June 30, 2021	Difference -%
Revenue from services	90,986	84,592	8%
Expenses	68,145	70,422	)3%(
Profit before financing income, net	22,841	14,170	61%
Financing income (expenses)	)3,416(	1,338	-
Taxes on income	5,220	3,435	52%
Profit for the quarter	14,205	12,073	18%
Diluted EPS (in NIS)	0.136	0.115	18%
Non GAAP
Adjusted EBITDA(1)	35,755	26,227	36%

Revenue

(NIS Millions)

8%

Y-o-Y Growth

Adjusted EBITDA

(NIS Millions)

36%

Y-o-Y Growth

Adjusted net profit

84.691.0

Q2'21Q2'22

35.8

26.2

Q2'21Q2'22

% EBITDA Adjusted margin	39%	31%
Adjusted net profit(1)	14,337	12,309	16%
% Adjusted net profit margin	16%	15%

(NIS Millions)

16%

Y-o-Y Growth

12.3

14.3

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

Q2'21Q2'22

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Revenue Q2'22

NIS, in thousands

		Quarter Ended
	% of the		% of the
June 30,	Company's	June 30, 2021	Company's	Difference -%
2022	total	total

39% transactional

61% non-transactional

		revenues		revenues
Trading and
clearing	35,872	39%	31,649	37%	13%
commissions
Listing fees and	20,256	22%	18,347	22%	10%
levies
Clearing House	18,345	20%	16,945	20%	8%
services
Data
distribution and	15,076	17%	13,195	16%	14%
Connectivity
services
Other revenue	1,437	2%	4,456	5%	)68%(
Total revenue	90,986	100%	84,592	100%	8%

18% of the increase in is due to an increase in the trading volumes between the periods, particularly with respect to shares (10% increase in revenue) and corporate bonds (5% increase in revenue). In opposition, a reduction in the effective commission rate, primarily in shares and mutual funds (mainly as a result of the increase in the volume of transactions that are affected by the existence of a maximum commission), deducted 5% from the increase in revenue.

7% of the increase in revenue is due to an increase in revenue from annual levies, mainly as a result of an increase in the number of companies and funds that pay an annual levy compared to the corresponding period last year, as well as an increase of 5% in revenue from listing fees. In opposition, revenue from examination fees decreased by 2%.

6% of the increase in revenue is due to an increase in revenue from Clearing House services to members. In addition, 1% of the increase in revenue is due to the rise in revenue from custodian and an increase of 1% in revenue from Clearing House services to companies.

7% of the increase in revenue is due to a rise in revenue from connectivity services (of which 3% with respect to prior periods) and 4% of the increase is due to an increase in revenue from the distribution of trading data and derivative data to overseas business customers. In addition, 2% of the increase in revenue is due to an increase in revenue from the sale of information through TASE's API service.

The revenue includes NIS 0.5 million from the sale of technological consulting services, revenue of NIS 0.5 million from the Conference Center and trade openings, and revenue of NIS 0.3 million from the rent of an office floor. The reduction in revenue is due to the effect of an agreement signed between TASE the Ministry of Finance in May 2021, which provides for the payment to the Company of a settlement amount of NIS 3.8 million.

2%

17%

Q2'22

Revenue 39%

91.0

20%

NIS Millions

22%

Trading and clearing commissions

Listing fees and levies

Clearing House services

Data distribution and connectivity services

Other revenue

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