MILLI RE 2020 ANNUAL REPORT

Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) December 31, 2019 Carrying amount Up to 1 month 1 to 3 months 3 to 6 months 6 to 12 months 1 year and up Unallocated Cash and cash equivalents 1.754.800.717 1.410.171.051 266.062.815 35.517.982 43.048.869 - - Financial assets (*) 442.911.579 226.752.000 26.200.250 20.572.099 - 169.387.230 - Receivables from main operations 343.722.732 141.286.737 27.343.851 3.193.844 6.647.676 165.250.624 - Other receivables and current assets 21.358.767 20.943.224 - - 415.543 - - Total monetary assets 2.562.793.795 1.799.153.012 319.606.916 59.283.925 50.112.088 334.637.854 - Financial liabilities and other liabilities 3.803.972 2.539.462 254.524 380.262 629.724 - - Payables arising from main operations 61.264.524 50.927.505 2.449.570 1.499.843 1.365.065 5.022.541 - Due to related parties 141.374 141.374 - - - - - Insurance technical reserves (**) 1.365.064.221 - - - - - 1.365.064.221 Provisions for taxes and other similar obligations 2.273.036 2.273.036 - - - - - Provisions for other risks and expense accruals 70.329.253 2.130.579 3.939.929 - - - 64.258.745 Total monetary liabilities 1.502.876.380 58.011.956 6.644.023 1.880.105 1.994.789 5.022.541 1.429.322.966 (*) Equity shares amounting to TL 77.844.172 are not included. (**) Net of outstanding claims reserve not subject to consistent distribution is presented in the “unallocated” column. Market risk Market risk is the risk that changes in market prices, such as interest rate, foreign exchange rates and credit spreads will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk. 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 129