TSPB ANNUAL REPORT 2017

To the Board of Directors of Association of Turkish Capital Markets: 1) Opinion We have audited the financial statements of Association of Turkish Capital Markets and Its Operating Entity (the Association) which comprise the statutory balance sheet as at December 31, 2017 and the statutory income statement for the year then ended, and notes to the financial statements including a summary of significant accounting policies and other explanatory notes. In our opinion, the accompanying financial statements of Association of Turkish Capital Markets and Its Operating Entity for the year ended December 31, 2017 are prepared, in all material respects, in accordance with the accounting policies described in Note 2 to the balance sheet. 2) Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in Turkey, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 3) Other Matter This report has been prepared solely for the information and use of the members and the Management of the Association and should not be used for any other purpose or distributed to any other parties. The effect of differences between the accounting policies described below and accounting principles generally accepted in countries in which the accompanying financial statements are to be distributed and International Financial reporting Standards (IFRS) have not been quantified in the accompanying financial statements. Accordingly, the accompanying financial statements are not intended to present the financial position and financial performance of the Association in accordance with the accounting principles generally accepted in such countries and IFRS. 4) Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting policies described in Note 2 to the accompanying statutory balance sheet, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so. Management is responsible for overseeing the Association’s financial reporting process. Independent Auditor’s Report Güney Bağımsız Denetim ve SMMM A.Ş. Eski Büyükdere Cad. Orjin Maslak No: 27 Maslak, Sarıyer 34398 İstanbul - Turkey Tel: +90 212 315 3000 Fax: +90 212 230 8291 ey.com Ticaret Sicil No: 479920 Mersis No: 0-4350-3032-6000017 52 TCMA 2017 Annual Report