MILLI RE 2020 ANNUAL REPORT

Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) The accompanying notes are an integral part of these unconsolidated financial statements. (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) I- TECHNICAL SECTION Note Audited Current Period December 31, 2020 Audited Prior Period December 31, 2019 E- Life Technical Expense (19.950.640) (16.626.397) 1- Total Claims (Net of Reinsurer Share) (7.053.481) (5.541.814) 1.1- Claims Paid (Net of Reinsurer Share) 17,29 (8.167.036) (5.425.659) 1.1.1- Gross Claims Paid (-) 17 (11.471.676) (6.307.867) 1.1.2- Claims Paid Reinsurer Share (+) 10,17 3.304.640 882.208 1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 17,29 1.113.555 (116.155) 1.2.1 - Outstanding Claims Reserve (-) 17 2.790.109 (687.868) 1.2.2 - Reinsurance Share of Outstanding Claims Reserve (+) 10,17 (1.676.554) 571.713 2- Changes in Bonus and Discount Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) - - 2.1 - Bonus and Discount Reserve (-) - - 2.2 - Reinsurance Share of Bonus and Discount Reserve (+) - - 3- Changes in Mathematical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29 25.677 35.104 3.1- Mathematical Reserves (-) 29 25.677 35.104 3.1.1- Actuarial Mathematical Reserve (-) 29 25.677 35.104 3.1.2- Profit Share Reserve (Reserves for Life Insurance Policies Including Investment Risk) (-) - - 3.2- Reinsurer Share of Mathematical Reserves (+) - - 3.2.1- Reinsurance Share of Actuarial Mathematical Reserve (+) - - 3.2.2- Reinsurance Share of Profit Share Reserve (Reserves for Life Insurance Policies Including Investment Risk) (-) - - 4- Changes in Other Technical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29 (345.929) (186.425) 5- Operating Expenses (-) 32 (12.576.907) (10.933.262) 6- Investment Expenses (-) - - 7- Unrealized Losses from Investments (-) - - 8- Investment Income Transferred to Non-Technical Part (-) - - F- Life Technical Profit (D-E) 3.142.208 3.612.684 G- Individual Retirement Technical Income - - 1- Fund Management Fee - - 2- Management Fee Deduction - - 3- Initial Contribution Fee - - 4- Management Fee In Case Of Temporary Suspension - - 5- Withholding tax - - 6- Increase in Market Value of Capital Commitment Advances - - 7- Other Technical Income - - H- Individual Retirement Technical Expense - - 1- Fund Management Expenses (-) - - 2- Decrease in Market Value of Capital Commitment Advances (-) - - 3- Operating Expenses (-) - - 4- Other Technical Expense (-) - - I- Individual Retirement Technical Profit (G-H) - - UNCONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED 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 98