TCMA 2020 ANNUAL REPORT

Income Current Period Audited January, 1 - December, 31 2020 Prior Period Audited January, 1- December, 31 2019 Membership fee and expense contribution from members 11,886,154 10,384,886 Operating income 188,160 906,254 Non-operating income 4,198,080 5,781,493 Surplus income of previous year 43,904 2,853,215 Other income 1,892,942 2,794,146 TCMA congress income - 1,873,696 Total income 18,209,240 24,593,690 Expenses Personnel expenses (9,371,501) (8,372,502) Expenses for acquisition of subsidiaries and investments (2,066,256) (6,288,186) Advertisement and meeting expenses (1,596,131) (3,008,121) Outsourced services (932,386) (747,736) Information technology expenses (759,921) (730,910) Membership fees expenses (512,043) (397,868) Board of director’s fee (440,700) (383,280) Research and publication expenses (159,585) (139,390) Training, courses and seminars expenses (71,887) (241,832) Travel and accommodation expenses (32,569) (180,846) Fixed assets and purchases expenses (84,223) (1,537) Other expenses (819,251) (989,958) TCMA congress expenses - (1,873,695) Total expenses (16,846,453) (23,355,861) Income surplus 1,362,787 1,237,829 Provision for taxes and other legal liabilities (-) - - Net income surplus 1,362,787 1,237,829 TURKISH CAPITAL MARKETS ASSOCIATION AND ITS OPERATING ENTITY (CONVENIENCE TRANSLATION OF A REPORT AND CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH) (CURRENCY – TURKISH LIRA (TL)) TURKISH CAPITAL MARKETS ASSOCIATION AND ITS OPERATING ENTITY CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED DECEMBER 31, 2020 TCMA 2020 ANNUAL REPORT 67