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 consolidated financial statements. Audited-Restated Changes in Equity (*) - December 31, 2017 Note Paid-in capital Equity Share Owned by Company Revaluation of financial assets Inflation Adjustment on Capital I - Balance at the end of the previous year - December 31, 2016 15 660.000.000 - 31.358.139 - II - Change in Accounting Standards - - - - III - Restated balances (I+II) -January 1, 2017 660.000.000 - 31.358.139 - A- Capital increase (A1+A2) - - - - 1- In cash - - - - 2- From reserves - - - - B - Effects of changes in group structure - - - - C - Purchase of own shares - - - - D - Gains or losses that are not included in the statement of income - - - - E - Change in the value of financial assets 15 - - 21.553.666 - F - Currency translation adjustments - - - - G - Other gains or losses - - - - H - Inflation adjustment differences - - - - I - Net profit for the year - - - - J - Other reserves and transfers from retained earnings 38 - - - - K - Dividends paid 38 - - - - IV -Balance at the end of the year - December 31, 2017 15 660.000.000 - 52.911.805 - Audited Changes in Equity - December 31, 2018 Note Paid-in capital Equity Share Owned by Company Revaluation of financial assets Inflation Adjustment on Capital I - Balance at the end of the previous year - December 31, 2017 15 660.000.000 - 52.911.805 - II - Change in Accounting Standards - - - - III - Restated balances (I+II) -January 1, 2018 660.000.000 - 52.911.805 A- Capital increase (A1+A2) - - - - 1- In cash - - - - 2- From reserves - - - - B - Effects of changes in group structure - - - - C - Purchase of own shares - - - - D - Gains or losses that are not included in the statement of income - - - - E -Change in the value of financial assets 15 - - (91.304.747) F - Currency translation adjustments - - - - G - Other gains or losses - - - - H - Inflation adjustment differences - - - - I - Net profit for the year - - - - J - Other reserves and transfers from retained earnings 38 - - - - K - Dividends paid 38 - - - - IV- Balance at the end of the year - December 31, 2018 15 660.000.000 - (38.392.942) - (*) Information related to restated financial statements has been disclosed in Note 2.1.6 “Accounting Policies, Changes and Mistakes in Accounting Estimates. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2018 Millî Reasürans Annual Report 2018 172 / Consolidated Financial Statements and Independent Auditors’ Report