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) Audited - Changes in Equity - December 31, 2019 Note Paid in Capital Equity Share Owned by Company (-) Revaluations of Financial Assets Inflation Adjustment on Capital I - Balance at the end of the previous year - December 31, 2019 660.000.000 - (38.392.931) - II - Change in Accounting Standards (*) - - - - III - Restated balances (I+II) - January 1, 2019 660.000.000 - (38.392.931) - A- Capital increase - - - - 1- In cash - - - - 2- From reserves - - - - B- Purchase of own shares - - - - C- Gains or losses that are not included in the statement of income - - - D- Change in the value of financial assets 15 - - 137.867.727 - E- Currency translation adjustments - - - - F- Other gains or losses - - - - G- Inflation adjustment differences - - - - H- Net profit for the year - - - - I - Other reserves and transfers from retained earnings 38 - - - - J- Dividends paid 38 - - - - IV - Balance at the end of the period - December 31, 2019 15 660.000.000 - 99.474.796 - Audited Changes in Equity - December 31, 2020 Note Paid in Capital Equity Share Owned by Company (-) Revaluations of Financial Assets Inflation Adjustment on Capital I - Balance at the end of the previous year - December 31, 2019 660.000.000 - 99.474.796 - II - Change in Accounting Standards (*) - - - - III - Restated balances (I+II) - January 1, 2020 660.000.000 - 99.474.796 - A- Capital increase - - - - 1- In cash - - - - 2- From reserves - - - - B- Purchase of own shares - - - - C- Gains or losses that are not included in the statement of income - - - - D- Change in the value of financial assets 15 - - 184.597.765 - E- Currency translation adjustments - - - - F- Other gains or losses - - - - G- Inflation adjustment differences - - - - H- Net profit for the year - - - - I - Other reserves and transfers from retained earnings 38 - - - - J- Dividends paid 38 - - - - IV - Balance at the end of the period - December 31, 2020 15 660.000.000 - 284.072.561 - UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2020 Activities and Major Developments Related to Activities General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities Milli Re Annual Report 2020 100