TCMA 2020 ANNUAL REPORT

INVESTMENTS out capital market issues in return for these assets, as well as to undertake other activities deemed appropriate by the CMB, within the frame of housing and asset financing under the provisions of the related legislation of the CMB. The Association holds 5% share in Birleşik Mortgage Financing, corresponding to TL 2,500,000 within the company’s total capital of TL 50,000,000. JCR Avrasya Rating Shareholding In order to initiate national rating activities to ensure more efficient distribution of domestic financial resources with the widespread use of credit ratings and to ensure recognition in international markets, the leading institutions of the Turkish financial sector including the Association and Borsa İstanbul acquired 85.05% of the shares in JCR Avrasya Rating, in which Japan Credit Agency Ltd. -enjoying international quality, recognition and experience- was a shareholder, from the founding partners of JCR Avrasya. In this vein, the Association acquired 6% stake in JCR Avrasya Rating in 2020. At the ordinary general meeting of JCR Avrasya Rating convened following the share transfer, the new board of directors members compatible with the new shareholding structure were elected. Borsa İstanbul The Association holds 1.30% equity stake in Borsa İstanbul, corresponding to TL 5,502,042 in the company’s capital of TL 423,234,000. Central Securities Depository of Turkey (MKK) The Association has a 5% share in the Central Securities Depository of Turkey (MKK). Our Association holds TL 1,800,000 of the company’s total capital of TL 36,000,000. The Association continued to be represented by one member on the MKK Board of Directors in 2020. Capital Markets Licensing Registration and Training Agency The Association holds 49% share in the Capital Markets Licensing Registration and Training Agency (CMLTA). The Association holds TL 2,940,000 in the company’s total capital of TL 6,000,000 and was represented by two members on the CMLTA Board of Directors in 2020. Birleşik Mortgage Financing Birleşik İpotek Finansmanı A.Ş. (Birleşik Mortgage Financing) was incorporated in 2020 to take over or transfer assets, the types and qualifications of which are determined by the Capital Markets Board of Turkey (CMB), to manage the assets taken over, take assets as collateral, and to carry TCMA 2020 ANNUAL REPORT 59