TSPB ANNUAL REPORT 2019

63 TCMA 2019 ANNUAL REPORT (CONVENIENCE TRANSLATION OF A REPORT AND CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH) (CURRENCY – TURKISH LIRA (TL)) Current Period Prior Period Audited Audited Income 1 January - 1 January - 31 December 2019 31 December 2018 Membership fee and expense contribution frommembers 10,384,886 8,817,666 Operating income 906,254 646,808 Non-operating income 5,781,493 5,412,200 Surplus income of previous year 2,853,215 - Other income 2,794,146 909,876 Turkish Capital Markets Summit income 1,873,696 1,851,030 Total income 24,593,690 17,637,580 Expenses Personnel expenses (8,372,502) (6,927,798) Expenses for acquisition of subsidiaries and investments (6,288,186) - Board of director’s fee (383,280) (319,440) Outsourced services (747,736) (613,813) Advertisement and meeting expenses (3,008,121) (949,897) Research and publication expenses (139,390) (68,420) Information technology expenses (730,910) (1,531,923) Training, courses and seminars expenses (241,832) (213,463) Travel and accommodation expenses (180,846) (261,014) Fixed assets and purchases expenses (1,537) (6,229) Membership fees expenses (397,868) (464,335) Other expenses (989,958) (284,914) Turkish Capital Markets Summit expenses (1,873,695) (1,851,846) Total expenses (23,355,861) (13,493,092) Income surplus 1,237,829 4,144,488 Provision for taxes and other legal liabilities (-) - - Net income surplus 1,237,829 4,144,488 TURKISH CAPITAL MARKETS ASSOCIATION AND ITS OPERATING ENTITY CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 DECEMBER 2019