MILLI REASURANS ANNUAL REPORT 2018

Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) The accompanying notes are an integral part of these unconsolidated financial statements. Note Audited Current Period 1 January- December 31, 2018 Audited Prior Period 1 January- December 31, 2017 A - Cash flows from operating activities 1- Cash provided from insurance activities - - 2- Cash provided from reinsurance activities 1.534.690.612 1.161.113.986 3- Cash provided from individual pension business - - 4- Cash used in insurance activities - - 5- Cash used in reinsurance activities (1.521.680.097) (1.116.616.835) 6- Cash used in individual pension business - - 7- Cash provided by operating activities 13.010.515 44.497.151 8- Interest paid - - 9- Income taxes paid (33.082.800) (37.023.057) 10- Other cash inflows 39.750.251 41.122.733 11- Other cash outflows (68.167.721) (34.383.296) 12-Net cash provided by operating activities (48.489.755) 14.213.531 B - Cash flows from investing activities - - 1- Proceeds from disposal of tangible assets 140.790 211.000 2- Acquisition of tangible assets 6, 8 (13.813.514) (9.025.268) 3- Acquisition of financial assets 11 (1.085.165.474) (486.980.571) 4- Proceeds from disposal of financial assets 11 1.373.823.061 442.910.376 5- Interests received 224.260.372 196.048.205 6- Dividends received 38.003.576 20.276.206 7- Other cash inflows 165.410.375 56.395.233 8- Other cash outflows (447.186.124) (34.833.981) 9- Net cash provided by investing activities 255.473.062 185.001.200 C- Cash flows from financing activities - - 1- Equity shares issued - - 2- Cash provided from loans and borrowings - - 3- Finance lease payments - - 4- Dividends paid 2.23 (49.984.383) (49.984.383) 5- Other cash inflows - - 6- Other cash outflows - - 7- Net cash used in financing activities (49.984.383) (49.984.383) D- Effect of exchange rate fluctuations on cash and cash equivalents (2.028) (1.551) E- Net increase in cash and cash equivalents 156.996.896 149.228.797 F- Cash and cash equivalents at the beginning of the year 14 1.163.291.557 1.014.062.760 G- Cash and cash equivalents at the end of the year 14 1.320.288.453 1.163.291.557 UNCONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2018 Millî Reasürans Annual Report 2018 98 / Unconsolidated Financial Statements and Independent Auditors’ Report