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) As of December 31, 2020, and 2019 the Group’s held to maturity financial assets portfolio are detailed as follows: December 31, 2020 Nominal value Cost Fair value Net book value Debt instruments: Government bonds - USD 106.437.250 100.814.428 113.170.388 103.096.481 Government bonds - EUR 214.919.486 215.932.705 221.860.155 219.179.621 Private sector bonds - USD 730.577.944 695.113.138 751.985.979 715.780.983 Total held to maturity financial assets 1.051.934.680 1.011.860.271 1.087.016.522 1.038.057.085 As of December 31, 2020, and 2019, the movement of the financial assets is presented below: December 31, 2020 Trading Available-for- Sale Held to maturity Total Balance at the beginning of the period 159.450.716 2.240.654.126 - 2.400.104.842 Acquisitions during the period 1.186.197.579 3.438.909.525 939.370.372 5.564.477.476 Disposals (sale and redemption) (1.030.171.284) (2.165.909.707) (96.797.056) (3.292.878.047) Change in the fair value of financial assets 105.165.538 517.626.648 - 622.792.186 Change in amortized cost of the financial assets - 260.612.248 195.483.769 456.096.017 Bonus shares acquired - 43.285.313 - 43.285.313 Balance at the end of the period 420.642.549 4.335.178.153 1.038.057.085 5.793.877.787 December 31, 2019 Trading Available-for- Sale Held to maturity Total Balance at the beginning of the period 179.552.746 1.008.041.968 - 1.187.594.714 Acquisitions during the period 1.911.737.578 3.821.906.413 - 5.733.643.991 Disposals (sale and redemption) (1.972.103.440) (2.961.977.960) - (4.934.081.400) Change in the fair value of financial assets 40.263.832 359.052.564 - 399.316.396 Change in amortized cost of the financial assets - 6.565.585 - 6.565.585 Bonus shares acquired - 7.065.556 - 7.065.556 Balance at the end of the period 159.450.716 2.240.654.126 - 2.400.104.842 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 224