TCMA 2020 ANNUAL REPORT

Postponement of the Revision to Minimum Initial/Paid-in Capital As a result of our Association’s endeavors, the CMB decided to postpone the enforcement of the minimum initial/paid-in capital and minimum shareholders’ equity amounts that were reset for 2020 and that asset management companies were obliged to achieve alignment with until end-June 2020 to year- end 2020, in order to help alleviate the negative impact of the Covid-19 pandemic upon the asset management industry. Research Report Guidelines “Research Report Guidelines Working Group” was set up at the Association for establishing the minimum standards for research and analyst reports prepared by Association- member intermediary institutions. Association members prepare research and analyst reports on company and sector reviews (their inclusion within the scope of research) in order to provide information within the fundamental principles of the science of finance when investors are deciding about the companies traded on Borsa İstanbul. Consisting of market professionals, the Working Group began working to establish the principles for the procedures, principles and contents of the reports prepared, and to determine the minimum standards and the report format. Provision of Insurance Agency or Brokerage Services by Intermediary Institutions As per the demands of the intermediary institutions which are incorporated under the Capital Market Law and which are authorized by the Capital Markets Board of Turkey (CMB) to undertake investment services and activities in the capital market, the Association submitted to the CMB, the Insurance and Private Pension Regulation and Supervision Agency and the Insurance Association of Turkey its opinion that the afore mentioned should be allowed to undertake insurance agency and/or brokerage activities for the purposes of: • Satisfaction of their customers’ insurance needs in the fastest and easiest manner possible, • Contribution to more effective and efficient marketing of insurance products, • Increased effectiveness of intermediary institutions within the financial system, • Creation of a new business model, and • Giving access to an important distribution network also with respect to insurance companies. TCMA Public Offering Principles Updated The working group set up under the Association started activities to update the Public Offering Principles first published by the Association in 2013 so as to reflect the current conditions and incorporate the changes in the legislation. Unauthorized Capital Market Activities and Capital Market Crimes Unauthorized capital market activities and capital market crimes reported to the Association by investors were forwarded to the Capital Markets Board of Turkey (CMB). 2020 – 2022 Projects Following the general assembly convened on 3 September 2020, the Association’s new Board of Directors identified the topics below: • Financial Inclusion and Protection of Individual Investors, Enhancing Their Satisfaction • İstanbul Financial Center • Increasing the Participants Base of, and Satisfaction with, the Pension System • Investment Consultancy • Integration of the Startup Ecosystem with the Capital Markets • Introducing the Turkish Capital Markets to International Investors • Proliferation of Islamic Products • Securitization / Project Finance / New Financial Products • Preparation of Ancillary Legislation Governing Distance Contracts • Sustainability INITIATIVES 28 TCMA 2020 ANNUAL REPORT