MILLI RE 2020 ANNUAL REPORT

Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) NOTES TO THE CONSOLIDATED 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) The Group’s exposure to foreign currency risk is as follows: December 31, 2020 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 369.842.503 871.399.712 17.550.673 1.258.792.888 Financial assets and financial investments with risks on policyholders 2.822.423.120 305.096.009 - 3.127.519.129 Receivables from main operations 709.983.476 225.066.788 339.148.850 1.274.199.114 Total foreign currency assets 3.902.249.099 1.401.562.509 356.699.523 5.660.511.131 Liabilities: Payables arising from main operations (308.611.765) (95.059.214) (26.460.549) (430.131.528) Insurance technical reserve (*) (767.302.439) (300.700.771) (300.480.850) (1.368.484.060) Financial Liabilities (2.211.365.385) (1.037.827.549) - (3.249.192.934) Total foreign currency liabilities (3.287.279.589) (1.433.587.534) (326.941.399) (5.047.808.522) Net financial position 614.969.510 (32.025.025) 29.758.124 612.702.609 December 31, 2019 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 385.454.283 2.987.287.874 8.106.868 3.380.849.025 Financial assets and financial investments with risks on policyholders 630.606.290 45.903.303 - 676.509.593 Receivables from main operations 512.251.594 161.241.702 291.060.361 964.553.657 Total foreign currency assets 1.528.312.167 3.194.432.879 299.167.229 5.021.912.275 Liabilities: Payables arising from main operations (223.426.526) (49.438.829) (27.715.306) (300.580.661) Financial Liabilities (226.054.310) (2.951.667.120) (1.392.078) (3.179.113.508) Insurance technical reserve (*) (647.544.475) (252.029.594) (226.936.001) (1.126.510.070) Total foreign currency liabilities (1.097.025.311) (3.253.135.543) (256.043.385) (4.606.204.239) Net financial position 431.286.856 (58.702.664) 43.123.844 415.708.036 (*) According to the “Communiqué on Amendments to Communiqué on Technical Reserves for Insurance, Reinsurance and Pension Companies and the Related Assets That Should Be Invested Against Those Technical Reserves” published in Official Gazette no 27655 dated July 28, 2010; foreign currency denominated claims provisions evaluated by the Central Bank of the Republic of Turkey’s spot sales rates. TL equivalents of the related monetary amounts denominated in foreign currencies are presented in the above table. Foreign currency rates used for the translation of foreign currency denominated monetary assets and liabilities as of December 31, 2020 and 2019 are as follows: At the end of the period Average US Dollar Euro US Dollar Euro December 31, 2020 7,3405 9,0079 7,0034 8,0140 December 31, 2019 5,9402 6,6506 5,6712 6,3481 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 212