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) CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2020 LIABILITIES IV- Long-Term Liabilities Note Audited Current Period December 31, 2020 Audited Prior Period December 31, 2019 A- Borrowings 20 55.725.100 54.555.236 1- Loans to Financial Institutions - - 2- Finance Lease Payables - - 3- Deferred Finance Lease Borrowing Costs (-) - - 4- Bonds Issued - - 5- Other Issued Financial Assets - - 6- Value Differences on Issued Financial Assets (-) - - 7- Other Financial Borrowings (Liabilities) 20 55.725.100 54.555.236 B- Payables From Main Operations 13.293.592 5.022.541 1- Payables Due to Insurance Operations - - 2- Payables Due to Reinsurance Operations 19 13.293.592 5.022.541 3- Cash Deposited by Insurance & Reinsurance Companies - - 4- Payables Due to Pension Operations - - 5- Payables from Other Operations - - 6- Discount on Other Payables From Main Operations (-) - - C- Due to Related Parties - - 1- Due to Shareholders - - 2- Due to Affiliates - - 3- Due to Subsidiaries - - 4- Due to Joint Ventures - - 5- Due to Personnel - - 6- Due to Other Related Parties - - D- Other Payables - - 1- Deposits and Guarantees Received - - 2- Due to SSI regarding Treatment Expenses - - 3- Other Payables - - 4- Discount on Other Payables (-) - - E- Insurance Technical Reserves 17 442.193.750 359.831.926 1- Unearned Premiums Reserve - Net 17 1.920.318 2.003.959 2- Unexpired Risk Reserves - Net - - 3- Mathematical Reserves - Net - - 4- Outstanding Claims Reserve - Net - - 5- Provision for Bonus and Discounts - Net - - 6- Other Technical Reserves - Net 17 440.273.432 357.827.967 F- Other Liabilities and Provisions - - 1- Other Liabilities - - 2- Overdue, Deferred or By Installment Other Liabilities - - 3- Other Liabilities and Expense Accruals - - G- Provisions for Other Risks 23 115.026.170 91.557.366 1- Provision for Employment Termination Benefits 23 45.465.115 38.340.411 2- Provisions for Employee Pension Fund Deficits 22,23 69.561.055 53.216.955 H- Deferred Income and Expense Accruals 19 - - 1- Deferred Commission Income - - 2- Expense Accruals - - 3- Other Deferred Income - - I- Other Long Term Liabilities 21 8.053.549 18.464.218 1- Deferred Tax Liability 21 8.053.549 18.464.218 2- Other Long Term Liabilities - - IV- Total Long Term Liabilities 634.292.161 529.431.287 Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon Milli Re Annual Report 2020 171