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) Level 1: Fair value measurements using quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Fair value measurements using inputs for the assets or liability that are not based on observable market data (unobservable inputs). Classification requires the utilization of observable market data, if available. The classification of fair value measurements of financial assets and liabilities measured at fair value is as follows: December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets: Held for trading financial assets (Note 11) 190.742.811 - - 190.742.811 Available for sale financial assets (Note 11) (*) 968.120.094 - - 968.120.094 Associates (Note 9) - 199.595.913 - 199.595.913 Subsidiaries (Note 9) - 1.187.633.948 - 1.187.633.948 Total financial assets 1.158.862.905 1.387.229.861 - 2.546.092.766 Tangible assets: Investment properties (Note 6) - 458.821.000 - 458.821.000 Owner Occupied Properties (Note 6) - 180.163.740 - 180.163.740 Total tangible assets - 638.984.740 - 638.984.740 Total 1.158.862.905 2.026.214.601 - 3.185.077.506 (*) As of December 31, 2020, securities that are not publicly traded amounting to TL 91.492 have been measured at cost. December 31, 2019 Level 1 Level 2 Level 3 Total Financial assets: Available for sale financial assets (Note 11) (*) 520.027.470 - - 520.027.470 Associates (Note 9) - 160.221.809 - 160.221.809 Subsidiaries (Note 9) - 903.819.494 - 903.819.494 Total financial assets 520.027.470 1.064.041.303 - 1.584.068.773 Tangible assets: Investment properties (Note 6) - 415.891.000 - 415.891.000 Owner Occupied Properties (Note 6) - 179.340.000 - 179.340.000 Total tangible assets - 595.231.000 - 595.231.000 Total 520.027.470 1.659.272.303 - 2.179.299.773 (*) As of December 31, 2019, securities that are not publicly traded amounting to TL 728.281 have been measured at cost. 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 132