TCMA ANNUAL REPORT 2018

Current Period Audited December, 31 2018 Prior Period Audited December, 31 2017 Assets Current assets: Cash and cash equivalents 6,792,809 2,577,041 Securities 1,731,472 1,577,863 Receivables from operations 781,932 676,052 Prepaid expenses 319,618 188,158 Other current assets 5,141 2,247 Total current assets 9,630,972 5,021,361 Non - current assets: Financial investments 10,242,042 10,242,042 Property and equipment 4,657,003 3,647,005 Intangible assets 321,603 682,390 Accumulated depreciation and amortization (4,977,069) (3,996,341) Other non - current assets 7,822 3,155 Total non - current assets 10,251,401 10,578,251 Total assets 19,882,373 15,599,612 Liabilities and equity Current liabilities: Short - term financial lease liabilities - 139,409 Trade payables 45,983 73,126 Other payables 26,759 28,144 Advances received 45,626 31,440 Taxes and other obligations 219,882 342,436 Deferred income and expense accruals 764,472 581,632 Liabilities for employees 708,197 599,139 Total current liabilities 1,810,919 1,795,326 Non - current liabilities: Long - term financial lease liabilities - 185,879 Reserve for employee termination benefits 1,457,446 1,148,887 Total non - current liabilities 1,457,446 1,334,766 Total liabilities 3,268,365 3,130,092 Equity: Funds 10,247,042 10,247,042 Statutory reserve 2,222,477 1,644,888 İncome surplus 4,144,488 577,590 Total equity 16,614,008 12,469,520 Total liabilities and equity 19,882,373 15,599,612 Consolidated Balance Sheet As of December 31, 2018 (Currency - Turkish Lira (TL)) (Convenience translation of a report and consolidated financial statements originally issued in Turkish) Turkish Capital Markets Association and Its Operating Entity 60 TCMA 2018 ANNUAL REPORT