MILLI RE 2020 ANNUAL REPORT

Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) The accompanying notes are an integral part of these unconsolidated financial statements. (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) UNCONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2020 II- NON-TECHNICAL SECTION Note Audited Current Period December 31, 2020 Audited Prior Period December 31, 2019 C- Non-Life Technical Profit (A-B) 59.333.514 81.451.103 F- Life Technical Profit (D-E) 3.142.208 3.612.684 I - Individual Retirement Technical Profit (G-H) - - J- Total Technical Profit (C+F+I) 62.475.722 85.063.787 K- Investment Income 685.087.147 661.184.678 1- Income From Financial Investment 4.2 155.278.239 288.894.987 2- Income from Sales of Financial Investments 4.2 48.320.501 10.190.719 3- Revaluation of Financial Investments 4.2 27.971.300 (7.692.608) 4- Foreign Exchange Gains 4.2 94.862.946 61.769.977 5- Income from Affiliates 4.2 65.656.632 44.942.194 6- Income from Subsidiaries and Joint Ventures 4.2 231.971.961 216.410.793 7- Income Received from Land and Building 7 60.771.090 46.591.631 8- Income from Derivatives 4.2 - 18.985 9- Other Investments 254.478 58.000 10- Investment Income transferred from Life Technical Part - - L- Investment Expenses (-) (368.475.610) (403.360.732) 1- Investment Management Expenses (including interest) (-) 4.2 (78.988) (44.377) 2- Valuation Allowance of Investments (-) - - 3- Losses On Sales of Investments (-) 4.2 (1.586.173) (1.345.499) 4- Investment Income Transferred to Non-Life Technical Part (-) (316.455.994) (348.001.715) 5- Losses from Derivatives (-) - - 6- Foreign Exchange Losses (-) 4.2 (20.493.502) (31.632.288) 7- Depreciation Expenses (-) 6,8 (16.136.886) (4.170.943) 8- Other Investment Expenses (-) (13.724.067) (18.165.910) M- Other Income and Expenses (+/-) (1.457.582) 6.850.022 1- Provisions Account (+/-) 47 (21.990.214) (13.080.686) 2- Discount account (+/-) 47 495.757 (299.165) 3- Mandatory Earthquake Insurance Account (+/-) - - 4- Inflation Adjustment Account (+/-) - - 5- Deferred Tax Asset Accounts (+/-) 21,35 7.274.347 9.740.590 6- Deferred Tax Expense Accounts (-) - - 7- Other Income and Revenues 12.788.554 10.607.605 8- Other Expense and Losses (-) (26.026) (118.322) 9- Prior Period Income - - 10- Prior Period Losses (-) - - N- Net Profit/(Loss) 348.598.908 312.510.614 1- Profit/(Loss) Before Tax 377.629.677 349.737.755 2- Corporate Tax Liability Provision (-) (29.030.769) (37.227.141) 3- Net Profit (Loss) 348.598.908 312.510.614 4- Inflation Adjustment Account - - Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon Milli Re Annual Report 2020 99