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) Movement in tangible assets in the period from January 1 to December 31, 2019 is presented below: January 1, 2019 Addition Foreign currency translation effect (*) Disposals Transfers Corrections Valuation differences December 31, 2019 Cost: Investment properties (Note 7) 455.721.000 157.865 - (85.000) - - 26.982.135 482.776.000 Buildings for own use 194.296.000 - - - - - 716.000 195.012.000 Machinery and equipment 80.830.314 12.438.871 - (1.435.729) - 7.775 - 91.841.231 Furniture and fixtures 20.572.714 2.369.750 160.219 (610.516) (53.100) (4.175) - 22.434.892 Land Vehiclesss 4.048.489 2.943.851 98.466 (171.633) - - 6.919.173 Other tangible assets (including leasehold improvements) 26.004.573 2.860.440 - (91.844) 53.100 - - 28.826.269 Leased tangible assets 3.858.074 - - - - - - 3.858.074 Operating Lease Buildings - 61.670.167 321.653 (491.825) - - - 61.499.995 785.331.164 82.440.944 580.338 (2.886.547) - 3.600 27.698.135 893.167.634 Accumulated depreciation: Buildings for own use 215.408 794.744 - - - (283.278) 726.874 Machinery and equipment 48.783.505 12.243.345 - (1.410.895) - - - 59.615.955 Furniture and fixtures 16.878.708 1.339.490 154.415 (608.779) - - - 17.763.834 Land Vehiclesss 874.192 1.284.429 63.597 (56.438) - - - 2.165.780 Other tangible assets (including leasehold improvements) 20.917.633 1.574.068 - (91.844) - - - 22.399.857 Leased tangible assets 3.858.074 - - - - - - 3.858.074 Operating Lease Buildings - 7.196.904 69.438 - - - - 7.266.342 91.527.520 24.432.980 287.450 (2.167.956) - - (283.278) 113.796.716 Net book value 693.803.644 779.370.918 (*) Foreign currency translation effect resulted from Singapore Branch. The Group’s buildings for own use is valuated over fair value as of December 31, 2020 and 2019 year-end and subjected to valuation in this context. Expertise reports regarding this property are prepared by CMB licenced Property Valuation Company in September 2018. There is no pledge over Company’s buildings for own use. Milli Reasürans, the Company’s buildings for own use is valuated over fair value as of 2018. Expertise reports regarding this property are prepared by independent professional valuation specialists authorized by CMB in September 2018. 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 218