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) LIABILITIES III- Short-Term Liabilities Note Audited Current Period December 31, 2020 Audited Prior Period December 31, 2019 A- Borrowings 20 - 1.392.078 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) 20 - 1.392.078 B- Payables From Main Operations 4.2,19 61.827.219 56.241.983 1- Payables Due to Insurance Operations - - 2- Payables Due to Reinsurance Operations 4.2,19 60.370.427 55.631.210 3- Cash Deposited by Insurance & Reinsurance Companies  4.2,19 1.456.792 610.773 4- Payables Due to Pension Operations - - 5- Payables from Other Operations - - 6- Rediscount on Other Payables From Main Operations (-) - - C- Due to Related Parties 4.2,19 136.214 141.374 1- Due to Shareholders 45 127.553 116.208 2- Due to Affiliates - - 3- Due to Subsidiaries - - 4- Due to Joint Ventures - - 5- Due to Personnel - - 6- Due to Other Related Parties 45 8.661 25.166 D- Other Payables 19 1.321.982 2.411.894 1- Deposits and Guarantees Received 19  400.138 240.000 2- Due to SSI regarding Treatment Expenses - - 3- Other Payables 19,4.2 921.844 2.171.894 4- Discount on Other Payables (-) - - E- Insurance Technical Reserves 17 2.499.551.753 2.095.347.691 1- Unearned Premiums Reserve - Net 17 819.936.604 706.720.487 2- Unexpired Risk Reserves - Net 17 48.148.394 23.524.292 3- Mathematical Reserves - Net 17 13.014 38.691 4- Outstanding Claims Reserve - Net 4.2,17 1.631.453.741 1.365.064.221 5- Provision for Bonus and Discounts - Net - - 6- Other Technical Reserves - Net - - F- Taxes and Other Liabilities and Relevant Provisions 4.2,19 2.358.902 2.273.036 1- Taxes and Dues Payable 19 2.181.669 2.085.958 2- Social Security Premiums Payable 19 177.233 187.078 3- Overdue, Deferred or By Installment Taxes and Other Liabilities - - 4- Other Taxes and Liabilities - - 5- Corporate Tax Liability Provision on Period Profit 19 29.030.769 37.227.141 6- Prepaid Taxes and Other Liabilities on Period Profit (-) 19 (29.030.769) (37.227.141) 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 10.087.217 7.246.691 1- Deferred Commission Income 10,19 2.760.960 1.018.666 2- Expense Accruals 19 6.988.383 6.070.508 3- Other Deferred Income 19 337.874 157.517 I- Other Short-Term Liabilities - - 1- Deferred Tax Liability - - 2- Inventory Count Differences - - 3- Other Short-Term Liabilities - - III- Total Short-Term Liabilities 2.575.283.287 2.165.054.747 UNCONSOLIDATED 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 94