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) Note Audited Current Period 1 January- December 31, 2020 Audited Prior Period 1 January- December 31, 2019 A - Cash flows from operating activities 1- Cash provided from insurance activities - - 2- Cash provided from reinsurance activities 2.114.800.101 1.919.682.017 3- Cash provided from individual pension business - - 4- Cash used in insurance activities - - 5- Cash used in reinsurance activities (2.016.674.033) (1.883.622.176) 6- Cash used in individual pension business - - 7- Cash provided by operating activities 98.126.068 36.059.841 8- Interest paid - - 9- Income taxes paid (40.123.021) (46.748.400) 10- Other cash inflows 51.578.645 66.135.959 11- Other cash outflows (70.753.096) (47.279.861) 12- Net cash provided by operating activities 38.828.596 8.167.539 B- Cash flows from investing activities - - 1- Proceeds from disposal of tangible assets 441.347 58.000 2- Acquisition of tangible assets 6, 8 (7.280.291) (10.807.277) 3- Acquisition of financial assets 11 (2.707.677.529) (1.163.468.635) 4- Proceeds from disposal of financial assets 11 2.382.035.721 888.744.285 5- Interests received 233.485.806 285.098.663 6- Dividends received 80.183.212 58.670.765 7- Other cash inflows 373.333.895 277.520.591 8- Other cash outflows (465.594.809) (52.466.704) 9- Net cash provided by investing activities (111.072.648) 283.349.688 C- Cash flows from financing activities - - 1- Equity shares issued - - 2- Cash provided from loans and borrowings - - 3- Finance lease payments - - 4- Dividends paid 2.23 (42.986.879) (59.981.259) 5- Other cash inflows - - 6- Other cash outflows - - 7- Net cash used in financing activities (42.986.879) (59.981.259) D- Effect of exchange rate fluctuations on cash and cash equivalents 48.578 2.426 E- Net increase in cash and cash equivalents (115.182.353) 231.538.394 F- Cash and cash equivalents at the beginning of the year 14 1.551.826.847 1.320.288.453 G- Cash and cash equivalents at the end of the year 14 1.436.644.494 1.551.826.847 UNCONSOLIDATED STATEMENT OF CASH FLOWS 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 102