MILLI RE 2020 ANNUAL REPORT

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 68 Milli Re Annual Report 2020 Company Capital Company’s capital adequacy is calculated in accordance with the principles set out in the “Regulation on the Measurement and Evaluation of Capital Adequacy of Insurance, Reinsurance and Pension Companies” published in the Official Gazette issue 29454 dated 23 August 2015. According to the calculation based on the principles specified by the Regulation, Milli Re had a surplus of TL 1,813 million as at end of 2020. The Company has sufficient shareholders’ equity to cover liabilities that might result from its existing and potential risks. Capital Adequacy (TL million) 2020 * 2019 2018 Required Capital 719 581 467 Available Capital 2,532 1,985 1,546 Capital Adequacy Result 1,813 1,403 1,079 * 2020 was restated according to the “Circular (2021/2) on Reinsurance Companies Satisfying Fiscal and Technical Criteria”. Hence, it differs from Note 4.2 Financial Risk Management under Footnotes to the Consolidated and Unconsolidated Financial Statements as at year end 31 December 2020.