MILLI RE 2020 ANNUAL REPORT

Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) The accompanying notes are an integral part of these consolidated financial statements. (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) LIABILITIES III- Short-Term Liabilities Note Audited Current Period December 31, 2020 Audited Prior Period December 31, 2019 A- Borrowings 19,20 3.029.771 63.093.304 1- Loans to Financial Institutions - - 2- Finance Lease Payables - - 3- Deferred Finance Lease Borrowing Costs (-) - - 4- Current Portion of Long Term Borrowings - - 5- Principal, Installments and Interests on Issued Bills (Bonds) - - 6- Other Financial Assets Issued - - 7- Value Differences on Issued Financial Assets (-) - - 8- Other Financial Borrowings (Liabilities) 19,20 3.029.771 63.093.304 B- Payables From Main Operations 19 967.576.888 791.892.340 1- Payables Due to Insurance Operations 19 634.689.122 511.069.869 2- Payables Due to Reinsurance Operations 19 65.746.892 59.545.497 3- Cash Deposited by Insurance & Reinsurance Companies 19 6.898.890 5.469.130 4- Payables Due to Pension Operations - - 5- Payables from Other Operations 19 267.527.913 219.094.708 6- Rediscount on Other Payables From Main Operations (-) 19 (7.285.929) (3.286.864) C- Due to Related Parties 19 224.447 368.661 1- Due to Shareholders 19 152.744 131.570 2- Due to Affiliates 19 - - 3- Due to Subsidiaries - - 4- Due to Joint Ventures - - 5- Due to Personnel 19 63.042 211.925 6- Due to Other Related Parties 19 8.661 25.166 D- Other Payables 19 136.517.896 133.712.351 1- Deposits and Guarantees Received 19 11.777.540 9.790.921 2- Due to SSI regarding Treatment Expenses 19 45.849.660 40.724.732 3- Other Payables 19 80.245.627 83.941.498 4- Discount on Other Payables (-) 19 (1.354.931) (744.800) E- Insurance Technical Reserves 17 10.059.955.305 8.117.368.295 1- Unearned Premiums Reserve - Net 17 3.552.398.412 2.955.076.893 2- Unexpired Risk Reserves - Net 17 118.215.672 73.827.230 3- Mathematical Reserves - Net 17 13.014 38.691 4- Outstanding Claims Reserve - Net 17 6.385.328.207 5.088.425.481 5- Provision for Bonus and Discounts - Net 17 4.000.000 - 6- Other Technical Reserves - Net - - F- Taxes and Other Liabilities and Relevant Provisions 19 78.146.382 136.600.008 1- Taxes and Dues Payable 19 71.071.290 59.876.928 2- Social Security Premiums Payable 19 7.075.092 5.580.063 3- Overdue, Deferred or By Installment Taxes and Other Liabilities - - 4- Other Taxes and Liabilities - - 5- Corporate Tax Liability Provision on Period Profit 19 129.065.521 201.913.417 6- Prepaid Taxes and Other Liabilities on Period Profit (-) 19 (129.065.521) (130.770.400) 7- Provisions for Other Taxes and Liabilities - - G- Provisions for Other Risks - - 1- Provision for Employment Termination Benefits - - 2- Pension Fund Deficit Provision - - 3- Provisions for Costs 23 - - H- Deferred Income and Expense Accruals 19 231.208.040 221.449.286 1- Deferred Commission Income 10,19 135.727.041 109.664.368 2- Expense Accruals 19 95.019.565 111.613.442 3- Other Deferred Income 19 461.434 171.476 I- Other Short Term Liabilities 23 13.536.778 2.905.069 1- Deferred Tax Liability 9.539.732 - 2- Inventory Count Differences - - 3- Other Short Term Liabilities 23 3.997.046 2.905.069 III- Total Short Term Liabilities 11.490.195.507 9.467.389.314 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2020 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 170