TCMA ANNUAL REPORT 2018

Current Period Audited January, 1 - December, 31 2018 Prior Period Audited January, 1- December, 31 2017 Income Membership fee and expense contribution from members 8,817,666 8,043,388 Operating income 646,808 741,227 Non-operating income 5,412,200 598,245 Other income 909,876 907,700 TCMS congress income 1,851,030 1,426,480 Total income 17,637,580 11,717,040 Expenses Personnel expenses (6,927,798) (6,454,869) Board of director’s fee (319,440) (290,400) Outsourced services (613,813) (538,810) Advertisement and meeting expenses (949,897) (751,062) Research and publication expenses (68,420) (94,761) Information technology expenses (1,531,923) (587,169) Training, courses and seminars expenses (213,463) (306,192) Travel and accommodation expenses (261,014) (209,133) Fixed assets and purchases expenses (6,229) (43,217) Membership fees expenses (464,335) (227,403) Other expenses (284,914) (179,897) TCMS congress expenses (1,851,846) (1,456,537) Total expenses (13,493,092) (11,139,450) Income surplus 4,144,488 577,590 Provision for taxes and other legal liabilities (-) - - Net income surplus 4,144,488 577,590 Consolidated Statement of Profit and Loss For the Year Ended 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 61 TCMA 2018 ANNUAL REPORT