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MİLLÎ RE RATING


STANDARD & POOR'S ASSIGNS "trA+" TURKISH NATIONAL
SCALE RATING TO MILLI RE

The credit rating of Milli Re has been affirmed as "trA+" (Turkish National Scale Rating) by Standard & Poor's as of 25 July 2007.

Standard & Poor's said its rating reflects its opinion that Milli Re's dominant competitive position in Turkish Insurance Market will continue. The rating on Milli Re is further supported by its strong capital structure and adequate retrocession programs.

A.M. BEST CO. HAS UPGRADED THE FINANCIAL STRENGTH
RATING OF MILLI RE to "B++" (Good) FROM "B+" (Good)

With effect from 13.12.2007, based on a review of the application of its country risk methodology, A.M. Best Co. has upgraded the Financial Strength Rating (FSR) of Milli Re to "B++" (Good) from "B+" (Good) and its outlook changed to stable from positive. Meanwhile, Milli Re's Issuer Credit Rating (ICR) has also been upgraded to "bbb" from "bbb-" and the outlook remained positive.