MILLIRE 2021 ANNUAL REPORT

NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 Millî Reasürans Türk Anonim Şirketi (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) An actuarial report has been obtained from registered actuary regarding calculation of the amount to be paid to the Social Security Institution by the Company in accordance with the new law. The CSO 1980 mortality table for December 31,2020 9.8% of technical deficit interest rate are taken into account in the calculation of the said technical deficit. No real increase/decrease is anticipated in salary and health expenses. The health benefits to be paid will be considered by the Group management due to the changes in the Social Security Institution legislation and other regulations. At December 31, 2021 and 2020, technical deficit from pension funds comprised the following. December 31, 2021 December 31, 2020 Net present value of total liabilities other than health (238.855.340) (176.277.838) Net present value of insurance premiums 64.386.463 42.294.833 Net present value of total liabilities other than health (174.468.877) (133.983.005) Net present value of health liabilities (28.428.461) (20.228.903) Net present value of health premiums 35.160.105 23.199.132 Net present value of health liabilities 6.731.644 2.970.229 Pension fund assets 64.738.722 61.451.721 Amount of actuarial and technical deficit (102.998.511) (69.561.055) Pension fund’s assets are comprised of the following items: December 31, 2021 December 31, 2020 Cash and cash equivalents 46.206.290 47.150.065 Associates 16.823.239 12.431.247 Other 1.709.193 1.870.409 Total plan assets 64.738.722 61.451.721 23 Other liabilities and expense accruals As of December 31, 2021, and 2020; the provisions for other risks are disclosed as follows: December 31, 2021 December 31, 2020 Provision for pension fund deficits (Note 22) 102.998.511 69.561.055 Provision for employee termination benefits 14.992.038 12.123.164 Total provision for other risks 117.990.549 81.684.219 Movement of provision for employee termination benefits during the period is presented below: December 31, 2021 December 31, 2020 Provision at the beginning of the period 12.123.164 11.041.790 Interest cost (Note 47) 1.310.788 995.359 Service cost (Note 47) 898.130 729.263 Payments during the period (Note 47) (1.429.142) (2.563.305) Actuarial gain/loss 2.089.098 1.920.057 Provision at the end of the period 14.992.038 12.123.164 153 MİLLÎ REASÜRANS ANNUAL REPORT 2021 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