TCMA 2020 ANNUAL REPORT

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Turkish Capital Markets Association: 1) Opinion We have audited the financial statements of Turkish Capital Markets Association and Its Operating Entity (the Association) which comprise the balance sheet as at December 31, 2020 and the income statement for the year then ended, and notes to the financial statements including a summary of significant accounting policies. In our opinion, the accompanying financial statements of Turkish Capital Markets Association and Its Operating Entity for the year ended December 31, 2020 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) Emphasis of Matter – Basis of Accounting and Restriction on Use We draw attention to Note 2 to the financial statements, which describes the basis of accounting. Accounting policies applied by the Association differ from the accounting principles generally accepted in other countries and International Financial Reporting Standards (IFRS) in material aspects and the effects of such differences 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. 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. Our opinion is not modified in respect of this matter. 4) Responsibilities of Management for the Financial Statements Management is responsible for the preparation of these financial statements in accordance with the accounting policies described in Note 2 to the accompanying financial statements, 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. (CONVENIENCE TRANSLATION OF A REPORT AND CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH) TURKISH CAPITAL MARKETS ASSOCIATION AND ITS OPERATING ENTITY CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 TOGETHER WITH INDEPENDENT AUDITOR’S REPORT Güney Bağımsız Denetim ve SMMM A.Ş. Maslak Mah. Eski Büyükdere Cad. Orjin Maslak İş Merkezi No: 27 Kat: 2-3-4 Daire: 54-57-59 34485 Sarıyer İstanbul - Turkey Tel: +90 212 315 3000 Fax: +90 212 230 8291 ey.com Ticaret Sicil No: 479920 Mersis No: 0-4350-3032-6000017 64 TCMA 2020 ANNUAL REPORT