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, bank deposits are further analysed as follows: December 31, 2020 December 31, 2019 Foreign currency denominated bank deposits - time deposits 1.179.927.143 3.351.095.077 - demand deposits 78.824.641 29.673.971 Bank deposits in Turkish Lira - time deposits 2.827.201.273 2.417.322.407 - demand deposits 11.524.359 5.444.556 Bank deposits 4.097.477.416 5.803.536.011 15 Equity Paid in Capital The shareholder having direct or indirect control over the shares of the Company is İş Bankası Group having 77.06% of outstanding shares. As of December 31, 2020, and 2019, the shareholding structure of the Company is presented below: Name December 31, 2020 December 31, 2019 Shareholding amount(TL) Shareholding rate (%) Shareholding amount(TL) Shareholding rate (%) Türkiye İş Bankası A.Ş. 578.177.926 87,60 508.573.072 77,06 Millî Reasürans T.A.Ş. Mensupları Yardımlaşma Sandığı Vakfı - - 69.604.854 10,55 Groupama Hayat A.Ş*. 38.809.894 5,88 38.809.894 5,88 Ankara Doğal Elektrik Üretim ve Ticaret A.Ş. (*) 22.240.456 3,37 22.240.456 3,37 T.C. Ziraat Bankası A.Ş. 16.430.944 2,49 16.430.944 2,49 Other 4.340.780 0,66 4.340.780 0,65 Paid in capital 660.000.000 100,00 660.000.000 100,00 (*) As of August 21, 2020, Türkiye İş Bankası A.Ş. purchased 69,604,854 shares of nominal value of TL with all of the rate of 10.55% owned by one of the shareholders of the Company, Millî Reasürans T.A.Ş. Mensupları Yardımlaşma Sandığı Vakfı. It was approved by Milli Reasürans T.A.Ş.’s Board of Directors decision dated 26 August 2020 and numbered 1318. As of December 31, 2020, the issued share capital of the Group is TL 660.000.000 (December 31, 2019: TL 660.000.000) and the share capital of the Group consists of 66.000.000.000 (December 31, 2019: 66.000.000.000 shares) issued shares with TL 0,01 nominal value each. There are no privileges over the shares of the Group. There are not any treasury shares held by the Group itself or by its subsidiaries or associates. There are not any treasury shares issued which will be subject to sale in accordance with forward transactions and contracts. Equity method consolidation As of December 31, 2020, and 2019, in the accompanying consolidated financial statements of the Group, Anadolu Hayat, 21% and Miltaş, 77% of shares is owned by the Group are consolidated by using the equity method. 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 228