MILLI RE 2020 ANNUAL REPORT

Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) The accompanying notes are an integral part of these consolidated financial statements. (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2020 II- NON-TECHNICAL SECTION Note Audited Current Period January 1- December 31, 2020 Audited Prior Period January 1- December 31, 2019 C- Net Technical Income - Non-Life (A-B) 788.347.409 722.902.705 F- Net Technical Income - Life (D-E) 3.142.208 3.612.684 I - Net Technical Income - Pension Business (G-H) - - J- Total Net Technical Income (C+F+I) 791.489.617 726.515.389 K- Investment Income 2.930.020.235 1.823.293.029 1- Income From Financial Investment 4.2 486.681.461 578.365.327 2- Income from Sales of Financial Investments 4.2 206.153.004 95.400.016 3- Revaluation of Financial Investments 4.2 155.934.763 33.395.314 4- Foreign Exchange Gains 4.2 1.112.174.319 489.708.640 5- Income from Affiliates 4.2 110.657.245 75.745.271 6- Income from Subsidiaries and Joint Ventures 4.2 63.549 309.134 7- Income Received from Land and Building 7 70.803.895 52.719.531 8- Income from Derivatives 4.2 787.297.521 497.591.796 9- Other Investments 254.478 58.000 10- Investment Income transferred from Life Technical Part - - L- Investment Expense (2.926.911.846) (1.855.485.562) 1- Investment Management Expenses (including interest) (-) 4.2 (19.235.674) (38.276.163) 2- Valuation Allowance of Investments (-) 4.2 (3.920.793) (4.981.343) 3- Losses On Sales of Investments (-) 4.2 (57.271.018) (63.644.857) 4- Investment Income Transferred to Non-Life Technical Part (-) (1.369.611.050) (1.443.659.274) 5- Losses from Derivatives (-) 4.2 (776.356.453) (30.741.125) 6- Foreign Exchange Losses (-) 4.2 (608.836.954) (206.389.927) 7- Depreciation Expenses (-) 6,8 (77.955.837) (49.626.963) 8- Other Investment Expenses (-) (13.724.067) (18.165.910) M- Income and Expenses From Other and Extraordinary Operations (103.641.030) 9.333.139 1- Provisions Account (+/-) 47 (114.479.922) (78.966.046) 2- Discount account (+/-) 47 2.683.283 5.376.644 3- Mandatory Earthquake Insurance Account (+/-) - - 4- Inflation Adjustment Account (+/-) - - 5- Deferred Tax Asset Accounts(+/-) 35 8.380.748 69.039.680 6- Deferred Tax Expense Accounts (-) 35 (14.573.998) - 7- Other Income and Revenues 15.879.162 14.655.659 8- Other Expense and Losses (-) (1.530.303) (772.798) 9- Prior Period Income - - 10- Prior Period Losses (-) - - N- Net Profit for the Year 561.891.455 501.742.578 1- Profit/(Loss) Before Tax 690.956.976 703.655.995 2- Corporate Tax Liability Provision (-) 35 (129.065.521) (201.913.417) 3- Net Profit (Loss) 561.891.455 501.742.578 3.1- Groups Profit/(Loss) 344.161.542 309.978.881 3.2- Minority Shares 217.729.913 191.763.697 4- Monetary Gains and Losses - - 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 175