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) Note Audited Current Period January 1- December 31, 2020 Audited Prior Period January 1- December 31, 2019 A. CASH FLOWS FROM THE OPERATING ACTIVITIES 1. Cash inflows from the insurance operations 8.501.356.425 7.776.671.232 2. Cash inflows from the reinsurance operations 2.481.101.399 1.571.917.139 3. Cash inflows from the pension operations - - 4. Cash outflows due to the insurance operations (-) (8.608.720.004) (7.338.793.029) 5. Cash outflows due to the reinsurance operations (-) (1.412.035.194) (1.448.974.575) 6. Cash outflows due to the pension operations (-) - - 7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) 961.702.626 560.820.767 8. Interest payments (-) - - 9. Income tax payments (-) (244.546.962) (101.422.128) 10.Other cash inflows 2.464.364.023 2.299.539.321 11. Other cash outflows (-) (736.369.250) (2.194.565.685) 12. Net cash generated from the operating activities 2.445.150.437 564.372.275 B. CASH FLOWS FROM THE INVESTING ACTIVITIES - - 1. Sale of tangible assets 537.867 3.565.828 2. Purchase of tangible assets (-) 6, 8 (81.245.875) (81.350.177) 3. Acquisition of financial assets (-) 11 (5.564.477.476) (5.733.643.991) 4. Sale of financial assets 11 3.292.878.047 4.934.081.400 5. Interest received 645.351.191 720.989.451 6. Dividends received 1.285.103 2.799.628 7. Other cash inflows 1.349.301.599 988.214.384 8. Other cash outflows (-) (1.790.809.952) (843.439.083) 9. Net cash generated from the investing activities (2.147.179.496) (8.782.560) C. CASH FLOWS FROM THE FINANCING ACTIVITIES - - 1. Issue of equity shares - - 2. Cash inflows from the loans to policyholders - - 3. Payments of financial leases (-) - - 4. Dividend paid (-) (100.618.350) (102.671.238) 5. Other cash inflows - - 6. Other cash outflows (-) - - 7. Cash generated from the financing activities (100.618.350) (102.671.238) D. EFFECTS OF EXCHANGE RATE DIFFERENCES ON CASH AND CASH EQUIVALENTS (47.427.825) 95.825.621 E. Net increase/(decrease) in cash and cash equivalents (A12+B9+C7+D) 149.924.766 548.744.098 F. Cash and cash equivalents at the beginning of the period 14 3.721.431.389 3.172.687.291 G. Cash and cash equivalents at the end of the period (E+F) 14 3.871.356.155 3.721.431.389 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD 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 178